Ripple Advances Stablecoin Testing with RLUSD Minting and Burning

🚀 Stay Ahead with AltcoinDaily.co! 🌐

Ripple Labs, a leading blockchain company, is making significant progress in its stablecoin testing. The company is focusing on RLUSD, a collateral digital asset pegged at 1:1 to US Dollars. The company has recently ramped up on-chain activities, including minting and burning RLUSD.

Ripple to Continue Minting RLUSD

According to the Ripple Stablecoin Tracker, the most recent mint occurred on October 6, involving 504 RLUSD. At the same time, Ripple incinerated 115 RLUSD tokens, and within the last 24 hours, 240 RLUSD were burned in two separate batches of 120 tokens each. This flurry of minting and burning activity indicates Ripple’s efforts to fine-tune RLUSD’s supply mechanism.

So far, Ripple has recorded about 1100 RLUSD burns or transfers to inactive wallets. While Ripple has been actively testing the RLUSD on-chain, the company’s future roadmap involves a phased rollout of the stablecoin across multiple blockchains. For the remainder of 2024, Ripple plans to launch RLUSD exclusively on the Ethereum blockchain. Ripple has bigger plans for 2025, with the launch of RLUSD on its native XRP Ledger (XRPL).

🌟 Unlock Crypto Insights with AltcoinDaily.co! 💰

Ripple Mints RLUSD to Boost the Stablecoin Development

Recent data from Etherscan, an Ethereum blockchain tracker, indicated that Ripple minted an additional 300,000 RLUSD last month. The technology firm focuses its development across the Ethereum and XRP networks. This latest minting is part of Ripple Labs’ broader strategy to bolster its presence in the stablecoin arena.

The minting transaction was flagged by the Ripple Stablecoin Tracker on X, igniting a wave of reactions from the Ripple community. Minting more RLUSD increases its supply, which can benefit liquidity and trading on various platforms. This 300,000 RLUSD mint news comes after the firm minted 50,000 RLUSD on September 27th.

Additionally, Ripple minted 5,515 USD on September 25th and 485 USD on September 24th while also burning 50 RLUSD during this period. This precise timestamp illustrates the meticulous planning behind Ripple’s operations.

🦂 AltcoinDaily.co is your trusted source for the latest in crypto news and insights. 🚀

Ripple Intensifies RLUSD Testing After SEC Victory

These transactions underscore the ongoing testing phase for RLUSD, which began following Ripple’s announcement of private beta testing on August 9th. Ripple CEO Brad Garlinghouse clarified that RLUSD has not yet received regulatory approval. This means the token is not yet available for purchase or trading. Nevertheless, the varying volumes and frequency of mints suggest that Ripple is intensifying its testing efforts.

Monica Long, Ripple’s president, said in a June interview that RLUSD has great potential in settlement solutions. She highlighted that Ripple’s tokens XRP and RLUSD will operate independently, each addressing distinct use cases.

The surge in activity followed Ripple’s victory in its long-standing case against the U.S. Securities and Exchange Commission (SEC).