Ripple has ramped up its stablecoin development, minting a significant 42 million RLUSD tokens, sending ripples across the cryptocurrency landscape. In the early hours of October 4, 2024, the San Francisco-based fintech company minted an initial 29.7 million RLUSD tokens, raising speculation about the imminent release of its highly anticipated stablecoin.
Amelie posted images of data from Ripple Stablecoin Tracker (@RL_Tracker), an X account that monitors activities involving the stablecoin. She mentioned four transactions in which the corporation minted 6.3 million RLUSD, 6.4 million RLUSD, 7 million RLUSD, and a greater mint of 10 million RLUSD, thus bringing in a total of 29.7 million RLUSD minted.
Also Read: Ripple USD (RLUSD) Launch Faces Platform and Functionality Challenges
XRP to Be Used as an Auto-Bridge Asset
In a unique approach, RLUSD will use XRP as an auto-bridge asset to improve cross-chain liquidity and transaction efficiency. This enables consumers to use XRP to make smooth transactions across several platforms. The auto-bridge capability of XRP is anticipated to make it easier to convert RLUSD to other assets. Furthermore, it will contribute to quicker transaction speeds and cheaper costs for cross-border payments or swaps with RLUSD customers.
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The Ripple Stablecoin Tracker shows that the corporation has been minting and burning modest quantities of RLUSD since late August when beta testing started. However, the latest mints are the biggest since the procedure began. The largest amount minted before this period was 1.35 million RLUSD on October 1.
Launch Plans Moving Forward
With the minting process ongoing, RLUSD continues on pace to debut in Q4 2024. The project team is dedicated to ensuring that all technical and regulatory standards are completed before the stablecoin hits the market. The use of XRP as a bridge asset is a key component of this plan since it allows for speedier and more cost-effective transactions from the start.
Following Amelie’s updates, Ripple issued two further batches, the first printed 6.2 million RLUSD and the second 6.1 million RLUSD. These additional transactions increased the total quantity of tokens generated in the last 24 hours to 42 million RLUSD.
Conclusion
As the countdown to RLUSD’s launch continues, the recent minting of 29.7 million RLUSD, followed by the additional batches, suggests that the project is progressing as planned. With XRP set to play a pivotal role in transaction facilitation, RLUSD aims to enter the market as a strong contender within the stablecoin space.
Also Read: Ripple’s RLUSD Stablecoin Branding Sparks Speculation and Anticipation Ahead of Launch
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.