Ripple Mints 99% of RLUSD Tokens in 24 Hours

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As a seasoned researcher with a penchant for delving into the intricacies of the cryptocurrency market, I find the recent surge in RLUSD stablecoin minting by Ripple quite intriguing. Having closely followed the development of XRP over the years, it’s fascinating to see this project finally gaining momentum.

Based on figures from XRPL validator Vet, an astounding 99% of the total amount of the RLUSD stablecoin was produced in just one day.

A total of 800,000 RLUSD tokens have been minted over the last 24 hours.

Data from the X social media platform, which monitors RLUSD transactions, indicates that the most recent batch of approximately 100,000 was transferred around eight months back.

The uptick in the minting process likely indicates that the project is closer to launch.

Ripple’s stablecoin was originally announced back in April.

In August, the company began a trial run of its latest product, which was initially accessible solely to its business associates, who serve as enterprise partners.

The company wants to tap into growing demand for stablecoins. Tether, the leading stablecoin company, has a market cap of roughly $119 billion.

As reported by U.Today, XRP is one of the best performing cryptocurrencies over the 24 hours.

Despite widespread anticipation that the U.S. Securities and Exchange Commission might challenge the July 2023 decision classifying secondary XRP transactions as non-securities, the cryptocurrency remains robust in its performance.

The upcoming launch of the stablecoin is expected to be another catalyst for the XRP token.

Previously, it was revealed by Monica Long, who serves as president at Ripple, that the XRP token would be launched in the current year.

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2024-09-29 14:48