Sep 28, 2024
6thTrade
In a major development for the crypto community, Ripple has successfully minted 350,000 RLUSD stablecoins within just 24 hours. This minting was carried out through two transactions: one for 300,000 RLUSD and another for 50,000 RLUSD. The Ripple Stablecoin Tracker, an XRPL community account on X (formerly Twitter) dedicated to monitoring the creation and redemption of Ripple's RLUSD, provided real-time updates on these transactions.
Currently, Ripple's RLUSD stablecoin is being tested privately on the XRP Ledger and the Ethereum mainnet, marking a significant phase in its development.
The Ripple Stablecoin Tracker reported:
💵💵💵💵💵💵 300,000 RLUSD minted at RLUSD Treasury.
View Transaction — Ripple Stablecoin Tracker (@RL_Tracker) September 28, 2024.
Ripple started testing RLUSD in early August across both the XRP Ledger and Ethereum networks. This testing phase is essential, according to Ripple, to ensure that RLUSD meets the highest standards of security, efficiency, and reliability before it’s made available to the wider public and receives regulatory approval.
The idea of launching RLUSD first emerged in April, with Ripple aiming to introduce a stable, U.S. dollar-pegged asset to the XRP Ledger. This move is intended to enhance the ecosystem by providing new opportunities for liquidity, expanding institutional use cases, and benefiting developers and users of decentralized applications. RLUSD is designed to be backed by a mix of short-term U.S. Treasury securities, dollar deposits, and cash equivalents, ensuring its stability and value.
This recent minting activity is part of Ripple’s broader strategy to intensify testing before a much-anticipated public launch later this year.
New Features Coming to XRP Ledger
In parallel with the stablecoin progress, XRP Ledger itself is set to receive significant updates, with two new amendments recently activated on its mainnet. According to XRP Scan, an XRPL explorer, the amendments—named "fixPreviousTxnID" and "fixEmptyDID"—have now gone live. These changes address specific behavior within ledger objects and enhance the upcoming support for decentralized identifiers (DID), respectively.
On XRP Ledger, amendments are proposals for new features or modifications to the system. These changes are vetted and voted on by validators through a consensus process. If an amendment receives over 80% approval from the validators for two consecutive weeks, it is implemented permanently for all subsequent versions of the ledger.
These recent developments are exciting steps forward for Ripple and the broader XRP ecosystem, as they continue to innovate and lay the foundation for a more robust, feature-rich ledger. $XRP
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