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In a significant development for the crypto market, Ripple minted a staggering 4.5 million RLUSD in stablecoins within 24 hours.
According to the RLUSD tracker, the minting took place at the RLUSD Treasury, and an additional 260,000 RLUSD was also minted at the same location. Both batches of newly minted stablecoins were then transferred to unknown wallets.
This brings the total amount minted in the past 24 hours to 4,760,000 RLUSD, with the majority of 4.5 million minted in a single transaction.
In early August, Ripple began testing the RLUSD stablecoin on the XRP ledger and Ethereum mainnet. Ripple’s stablecoin is currently in private beta on both blockchains, allowing for extensive testing before launch.
According to Ripple, this step is to ensure that the RLUSD stablecoin meets the highest security, efficiency, and reliability standards before being widely distributed and receiving regulatory approval. It’s important. Ripple first announced plans to introduce a stablecoin pegged to the US dollar in April.
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The minting spree is part of Ripple’s larger effort to ramp up testing in preparation for its long-awaited launch later this year.
Ripple’s latest milestone
Last week, Ripple announced moves that will allow it to diversify beyond its core payments business. In a major move into crypto asset management, Ripple plans to unveil new features aimed at supporting banks and financial technology companies that store digital assets on behalf of their customers.
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Earlier this month, Ripple announced that it had received in-principle approval from the Dubai Financial Services Authority (DFSA) to expand services from Dubai International Financial Center.
In early October, Ripple announced the debut of Ripple payments in Brazil. Mercado Bitcoin, the largest Bitcoin exchange in Latin America, will be the first in Brazil to adopt Ripple’s managed end-to-end payment service.
In the SEC case, Ripple has filed a cross-appeal of Judge Torres’ final August 7 ruling.
