Ripple Mints 99% of RLUSD Tokens in 24 Hours, Signaling Imminent Launch

September 29, 2024 William Ross Cryptocurrency News 0

_ Ripple has minted 99% of the entire supply of its

Ripple has minted 99% of the entire supply of its RLUSD stablecoin within a single day. According to data provided by XRPL validator Vet, 800,000 RLUSD tokens have been generated over the last 24 hours.

Significant Minting Activity

The data from the X social media account that tracks RLUSD transfers reveals that the latest mint of approximately 100,000 tokens occurred about eight months ago. This sudden surge in minting activity likely indicates the project is nearing its official launch.

Background and Future Prospects

Ripple’s stablecoin project was initially announced in April, with beta testing commencing in August. The RLUSD stablecoin is expected to be available initially to Ripple’s enterprise partners, aiming to tap into the growing demand for stablecoins.

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Market Impact

The minting of RLUSD tokens comes at a time when XRP, Ripple’s native cryptocurrency, is performing strongly. Despite the U.S. Securities and Exchange Commission’s expected appeal of the July 2023 ruling recognizing secondary XRP sales as non-securities, XRP has shown impressive resilience. According to U-Today, the upcoming launch of the RLUSD stablecoin is anticipated to further bolster the XRP token’s market position.

Industry Context

Stablecoins have become a noteworthy part of the cryptocurrency market, with Tether leading the pack with a market cap of approximately $119 billion. Ripple’s entry into this space with RLUSD is seen as a strategic move to capture a share of this lucrative market.

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William Ross
About William Ross 232 Articles
I am a cryptocurrency enthusiast and writer with over five years of experience in the industry. I have been following the development and innovation of Bitcoin and Ethereum since their inception, and I enjoy sharing my insights and analysis with readers. I have written for various reputable platforms, such as CoinDesk, Cointelegraph, and Decrypt, covering topics such as market trends, regulation, security, and adoption. I believe that cryptocurrency is the future of finance and technology, and I am passionate about educating and informing people about its benefits and challenges.

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