In a landmark development, Ripple has minted a total of 350,000 RLUSD stablecoins within a 24-hour period. The minting took place in two separate transactions: 300,000 RLUSD followed by 50,000 RLUSD, as tracked and reported by the Ripple Stablecoin Tracker, an XRP Ledger (XRPL) community account dedicated to monitoring the issuance and redemption of Ripple’s RLUSD.
Currently in private beta on both the XRP Ledger and Ethereum mainnet, Ripple’s RLUSD stablecoin represents a significant stride in the company’s digital asset strategy. Initial testing of the RLUSD stablecoin began in early August, with Ripple highlighting this phase as a critical step to ensure the stablecoin meets the highest standards of security, efficiency, and reliability before a broader release and the pursuit of regulatory approval.
Ripple first announced its intention to launch a U.S. dollar-pegged stablecoin in April. This move is seen as a pivotal milestone, introducing high-quality assets to the XRP Ledger and unlocking new opportunities for liquidity, institutional use cases, and application development. The stablecoin is backed by short-term U.S. Treasury securities, dollar deposits, and cash equivalents, ensuring a solid foundation of value. The recent minting spree indicates Ripple’s drive to intensify testing efforts ahead of an eagerly anticipated official launch later this year.
Ripple’s Strategic Vision and RLUSD’s CoinGecko Listing
Ripple’s President, Monica Long, recently provided insights into the company’s strategic plan for RLUSD and the XRP Ledger in the wake of ongoing developments. She emphasised Ripple’s focus on expanding the XRP Ledger’s utility and promoting financial inclusivity through their stablecoin initiative. The launch of RLUSD is a key component of Ripple’s broader strategy to enhance the XRP Ledger’s functionality, especially by targeting institutional use cases that require secure, efficient transactions.
In line with this vision, RLUSD is now listed on CoinGecko, one of the leading cryptocurrency data aggregators. This listing provides the crypto community with transparency and real-time data for RLUSD, including live price tracking, market capitalisation, trading volume, and historical price trends. By being featured on CoinGecko, RLUSD gains enhanced visibility within the market, making it more accessible for investors, traders, and developers.
Monica Long also shed light on Ripple’s ongoing legal challenges with the U.S. Securities and Exchange Commission (SEC). Despite these challenges, Ripple continues to push forward with the development and testing of RLUSD. The CoinGecko listing is seen as an important step in boosting the credibility and accessibility of RLUSD, aligning with Ripple’s objective to widen its reach across global financial markets.
