2,450,000 RLUSD in 24 hours, what's going on with Ripple?

Ripple Labs continues to strengthen the testing of the RLUSD stablecoin through daily minting activities. Although the exact motivation behind the test is unclear, data from the Ripple stablecoin tracker shows that 2,450,000 RLUSD have been minted since October.

Strengthening RLUSD minting

Ripple Labs is known for its advanced technology. There are many competitors in the stablecoin field. It has its own standards to follow and needs to be nearly perfect for its debut. The RLUSD tracker shows that the 2.45 million mintage is divided into four main parts. Among them, the largest scale minting is 1,350,000 RLUSD on the XRP Ledger; 500,000 RLUSD minted on the Ethereum blockchain to seek balance. The other two mintings were on XRPL and Ethereum, with the amount of 450,000 and 150,000 RLUSD respectively. The fact that Ripple Labs’ recent testing activities did not involve RLUSD destruction adds to the mystery surrounding its overall activities. The higher minting volume on XRP Ledger than Ethereum may be due to the nature of the two chains, with Ethereum currently hosting more stablecoins than XRPL, and minting may be Ripple’s way of ensuring the latter’s reliability.

Ripple’s grand plan?

Ripple’s immediate goals for RLUSD remain unknown, but the ultimate plan is to launch the stablecoin this year. The company said it is awaiting regulatory approval, which is key to fending off possible future lawsuits from the SEC. Many stablecoin issuers, such as Paxos and the parent company of TrueUSD, have been hit in the past, something Ripple Labs hopes to avoid. Meanwhile, with only days left until its deadline to appeal the SEC’s closed case, there is still disagreement over whether the regulator will appeal parts of the July 17, 2023 ruling.