Blockchain digital payment network Ripple minted roughly 99% of RLUSD tokens in the last 24 hours on Ethereum and XRP ledger. The platform has now minted about 800,000 RLUSD tokens, leading analysts to believe its planned stablecocin project may launch soon.
Ripple ramps up its minting operations in the productâs testing phase
Ripple minted 800,000 RLUSD tokens on Ethereum and XRP networks in just 24 hours. Today, in a post on X, Vet.XO, co-founder of XRP Cafe, confirmed this:
The total supply of RLUSD is 812,034 across ETH and XRPL. In the last ~24h in total, 800k RLUSD got minted on Ethereum and XRP Ledger combined. 99% of the total supply was minted in the last 24h.
~Vet.XO
Moreover, on September 27, the San Franscisco-based company minted 50,000 RLUSD tokens, adding to prior mints of 5,515 RLUSD and 485 RLUSD days before.
The different minting amounts suggest that the network may be stress testing the system in preparation for broader application, leading many in the crypto community to predict that Rippleâs stablecoin project will soon launch.
Ripple first announced its stablecoin development in April, pitching it as a tool for instant cross-border money transfers and payment services while emphasizing its commitment to regulatory compliance. Four months later, the platform initiated the new stablecoinâs testing phase.
In a post on August 9, 2024, Ripple announced that RLUSD was in private beta on XRP Ledger and Ethereum and urged traders to be cautious of scammers who might falsely claim to distribute Ripple USD.
Ripple is pushing through with RLUSD despite legal troubles
In August 2024, Southern District of New York Judge Analisa Torres gave her final ruling in SEC v. Ripple. Both parties seemingly earned their fair share of victories and losses.Â
For starters, Judge Torres rejected the commissionâs disgorgement theory after finding no evidence of how any investor was affected by Rippleâs XRP sales. The court, however, fined Ripple about $125 million, though slightly lower than the SECâs proposed $876 million penalty.
The court also issued an injunction preventing Ripple from future violations of Section 5 of the Securities Act. Moreover, it dismissed Rippleâs request to waive the âbad actor disqualification,â which will prevent the company from utilizing the Regulation D exemption for its securities offerings for five years.
Despite all these legal troubles and a looming SEC appeal, Ripple expects to push through with the launch of its stablecoin RLUSD, anticipating regulatory approval from the commission.