Ripple Mints 300,000 RLUSD to Boost The Stablecoin Development

Ripple Labs is stepping up its game with the RLUSD stablecoin, a collateral digital asset pegged at a 1:1 ratio to US Dollars. The technology firm is focusing on its development across the Ethereum and XRP networks. 

Recent data from Etherscan, an Ethereum blockchain tracker, indicates that Ripple has minted an additional 300,000 RLUSD. This latest minting is part of Ripple Labs’ broader strategy to bolster its presence in the stablecoin arena. 

Ripple Ramps up its Efforts in Minting RLUSD

This latest news, revealed by Etherscan, has created lots of buzz within the crypto community. It comes weeks after Ripple’s CTO, David Schwartz, addressed the speculations surrounding the token.

The minting transaction was flagged by the Ripple Stablecoin Tracker on X, igniting a wave of reactions from the Ripple community. ‘This is because 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.

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 an interview in June 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. 

This surge in activity follows Ripple’s victory in its long-standing case against the U.S. Securities and Exchange Commission (SEC). The firm also revealed that it had paid $125 million to the agency to settle the lawsuit. 

Stablecoins Adoptions Gains Tractions in the Crypto Space 

As Ripple’s RLUSD prepares to compete with established stablecoins like Tether’s USDT, Ethena Labs has joined the race with its newly launched stablecoin, UStb. The stablecoin market is gaining momentum as users, countries, and investors seek greater stability amid the volatility typically associated with digital assets. 

In August, the stablecoin market capitalization hit an impressive $168 billion record. This indicates a significant increase in the adoption of stable assets within the crypto market.