As the long-awaited launch of RLUSD inches closer, stablecoin minting and on-chain transactions are accelerating.
The launch of the RLUSD stablecoin has strengthened bullish sentiment towards the XRP ledger, with analysts speculating that the launch will propel XRP to new highs. Notably, Ripple CEO Brad Garlinghouse confirmed last month that RLUSD would make its market debut in the coming weeks.
Although the specific date is still unknown, increased on-chain activity related to the RLUSD stablecoin suggests that a launch is imminent. Previous reports indicate that over 1.7 million RLUSD was minted on the XRPL and Ethereum networks as of September 28th.
Since then, RLUSD minting and on-chain transfers have accelerated, with the latest data showing that millions of stablecoins have been minted on both the XRP ledger and Ethereum. We would like to reiterate that RLUSD is still in private beta testing and has not yet entered public market use.
RLUSD total supply reaches $47.4 million
In this Ripplecoin news, XRPL dUNL validator Vet informed the XRP community that the total supply of the stablecoin has reached $47.4 million. This comes two weeks after a report highlighted the minting of 1.7 million tokens.
The validator cited a report from CryptoQuant confirming the latest data. Notably, this 2,788% increase in less than three weeks reflects Ripple’s commitment to accelerate large-scale testing and launch RLUSD soon.
A CryptoQuant chart of this day’s data shows that 73.4% of the $47.4 million RLUSD minted is on the XRPL network. Approximately $34.8 million RLUSD was issued on the XRP native blockchain and $12.6 million RLUSD was minted on the Ethereum network.
Ripple Ramp Up RLUSD Transfer Test
Meanwhile, data from the Ripple Stablecoin Tracker shows that large amounts of RLUSD were shuffled between two accounts as Ripple began conducting large-scale remittance checks. The transaction took place by 12:15 UTC on October 13th, and 3.5 million RLUSD was transferred from the address “0xFbc” to “0xa2E”.
Ripple also conducted another large-scale transfer on the same day, this time transferring 4.5 million RLUSD. The on-chain transaction included the Ripple deployer address “0x3BA” and the sending address from the previous move.
Notably, the veteran stated that Ripple is currently focused on testing the trading acumen of RLUSD. Validators say that most of the tests for RLUSD involve less minting and redemption and more shuffling between two addresses.
Meanwhile, market commentators were teasing that the launch of RLUSD would boost XRP and the XRP Ledger. While concerns have been raised about RLUSD replacing XRP, Ripple CTO David Schwartz told the community that XRPL’s role in the XRPL network remains central and irreplaceable. guaranteed.
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