Ripple Intensifies RLUSD Testing: What’s Behind the 2.45 Million Token Mint?

Ripple Labs has ramped up testing of its RLUSD stablecoin, minting 2,450,000 RLUSD tokens in just 24 hours. According to data from the Ripple Stablecoin Tracker, this significant minting activity occurred in early October. Although Ripple has not disclosed the exact purpose behind these tests, the company appears to be focused on fine-tuning its stablecoin before its official release.

Four Major RLUSD Minting Sessions

Ripple’s stablecoin testing included four primary RLUSD minting events. The largest batch, comprising 1,350,000 RLUSD, was minted on the XRP Ledger. Ripple also minted another significant batch of 500,000 RLUSD on the Ethereum blockchain. The other two mints were split between the XRP Ledger and Ethereum, with amounts of 450,000 and 150,000 RLUSD, respectively.

💵💵💵💵💵💵 1,350,000 #RLUSD minted at RLUSD Treasury.https://t.co/P5ZttpBffy
— Ripple Stablecoin Tracker (@RL_Tracker) October 1, 2024

Interestingly, Ripple has avoided burning any RLUSD tokens during its testing phase, which has added curiosity to its ongoing efforts. The company seems to be testing both the XRP Ledger and Ethereum networks to ensure reliability.

Ethereum, known for hosting more stablecoins, has seen less minting activity from Ripple compared to the XRP Ledger, which may suggest that Ripple is aiming to prove the latter’s robustness in supporting stablecoins.

Aiming for a Flawless Launch

Ripple Labs is working hard to deliver a nearly flawless stablecoin launch. With many competitors in the stablecoin sector, the firm’s commitment to quality is clear. Its debut must meet the high standards it has set for itself and stand out in the crowded stablecoin market.

Ripple Labs has made it known that it is waiting for regulatory approval before launching RLUSD. The company wants to avoid any legal issues, especially with the United States Securities and Exchange Commission (SEC). The SEC has targeted other stablecoin issuers like Paxos and TrueUSD’s parent firm in the past, and Ripple is keen to prevent a similar situation.

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Additionally, the deadline for filing an appeal in Ripple’s concluded case with the SEC is fast approaching, leaving many wondering if the SEC will challenge the recent ruling.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.