Ripple Pushes RLUSD Minting to $47.4M: Stablecoin Set for Market Debut

FXCryptonews 1 year ago 286

Ripple has significantly ramped up minting for its RLUSD ($1.00) stablecoin as the highly anticipated launch approaches. The RLUSD stablecoin is expected to make its market debut soon, although the exact date remains unknown. Ripple’s CEO, Brad Garlinghouse, previously confirmed that RLUSD would launch within weeks.

Significant Minting Activity

Recent reports reveal that RLUSD’s total supply has soared to approximately $47.4 million. This increase represents an astonishing 2,788% rise since late September, when the minting stood at around 1.7 million RLUSD.

Moreover, data indicates that 73.4% of minted RLUSD resides on the XRP ($2.28) Ledger. This amounts to about $34.8 million, while the Ethereum network accounts for $12.6 million of the total supply. The rapid minting activity highlights Ripple’s commitment to ensuring a successful launch.

Large-Scale Transactions Underway

Ripple has been conducting extensive testing of RLUSD’s transactional capabilities. For instance, on October 13, 2024, Ripple executed a significant transfer of 3.5 million RLUSD. Shortly after, another transfer of 4.5 million RLUSD occurred on the same day. These transactions showcase Ripple’s focus on refining the stablecoin’s functionality before its public debut.

Market Speculation and Predictions

Market analysts speculate that RLUSD’s launch could lead to a substantial increase in XRP’s price. Some predictions even suggest XRP might reach as high as $10 shortly after RLUSD goes live. This optimism arises from expectations that RLUSD will enhance liquidity on the XRP Ledger and attract institutional interest.

Current Status and Future Outlook

Despite the flurry of activity surrounding RLUSD, it remains in its private beta testing phase. Ripple has not yet released it for public market use. The leadership team emphasizes their commitment to ensuring reliability before the official launch.

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In conclusion, as the launch date draws near, the rapid minting and transaction activities surrounding RLUSD indicate a promising future for Ripple and its ecosystem. The community eagerly anticipates how this stablecoin will reshape trading dynamics and influence XRP’s market position.

Read Also: Ripple Issues Important Update and Warning About RLUSD Stablecoin

The post Ripple Pushes RLUSD Minting to $47.4M: Stablecoin Set for Market Debut appeared first on FXcrypto News.

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