As a seasoned researcher with a penchant for blockchain technology and its applications, I find myself intrigued by Ripple’s recent 350,000 RLUSD stablecoin minting spree. With a background steeped in understanding the complexities of digital currencies, this move by Ripple is not only impressive but also strategic.
In a significant development, Ripple produced 350,000 units of its stablecoin, RLUSD, over a 24-hour period. This production took place in two separate transactions: one for 300,000 RLUSD and another for 50,000 RLUSD, as indicated by the Ripple Stablecoin Tracker, an account within the XRPL community that monitors the creation and retirement of Ripple’s RLUSD.
Ripple’s RLUSD stablecoin is currently in private beta on XRP Ledger and the Ethereum mainnet.
💵💵💵💵💵💵 300,000 #RLUSD minted at RLUSD Treasury.
— Ripple Stablecoin Tracker (@RL_Tracker) September 28, 2024
Around the beginning of August, Ripple initiated a trial run of the RLUSD stablecoin on two separate blockchains. This testing stage, as stated by Ripple, is significant in ensuring that the RLUSD stablecoin adheres to the highest standards of security, efficiency, and reliability before it’s broadly released and receives regulatory approval.
Back in April, Ripple unveiled plans to launch a stablecoin tied to the US dollar. This move is considered a major step towards adding top-tier assets to the XRP Ledger, thereby expanding possibilities, liquidity, and institutional applications for users, developers, and apps. The token will be supported by short-term U.S. government securities, bank deposits in dollars, and cash equivalents.
The recent surge in minting is a significant step in Ripple’s broader plan to intensify testing, leading up to an eagerly awaited release towards the end of this year.
XRP Ledger set to receive new features
XRP Ledger is set to receive new features as two amendments have now been activated on its mainnet.
As reported by XRP Scan, a tool for exploring the XRP Ledger (XRPL), two key amendments – ‘fixPreviousTxnID’ and ‘fixEmptyDID’ – have been activated on the XRPL mainnet. These changes will improve the functionality of ledger objects and prepare the way for upcoming Decentralized Identifier (DID) support.
Amendments to XRP Ledger represent new features or other changes to transaction processing.
On the XRP Ledger, any modifications impacting transaction processing are validated through a consensus mechanism within the amendment system.
Proposed modifications to the operational transaction processes are put forward as suggestions, and these proposals are then subject to a vote by the validators. If a proposal receives over 80% approval for a period of two consecutive weeks, it is accepted and becomes permanently implemented in all future versions of the ledger.
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2024-09-28 15:00