Ripple’s highly anticipated stablecoin, RLUSD, is inching closer to an official launch as minting activity ramps up across both the Ethereum blockchain and XRP Ledger. Initially announced in April, the stablecoin entered beta testing in August, though it remains accessible only to Ripple’s enterprise partners for now. A recent surge in minting activity, however, suggests that a public release may be on the horizon.
1.7 Million RLUSD Tokens Minted Amid Growing Interest
According to RLUSD tracking data, a total of 1.7 million tokens have been minted since September 28. A significant portion of this occurred on September 29, when 800,000 RLUSD tokens were created within a 24-hour window. This brings the total supply to 812,034 tokens across Ethereum and the XRP Ledger. Notably, XRPL dUNL Validator Vet reported that 99% of the total RLUSD supply was minted just a day before his latest update.
Ripple is clearly ramping up its stablecoin initiative, even though RLUSD remains unavailable for public trading. The company is reportedly awaiting regulatory approval, among other factors, before opening the stablecoin to a wider audience.
Careful Beta Testing and Transaction Costs
Ripple has been conducting meticulous beta tests, which have included burning small amounts of RLUSD—some as little as 24 tokens—to ensure the system’s efficiency. During the beta phase, concerns have arisen regarding transaction fees, particularly the higher costs on Ethereum compared to the XRP Ledger. According to Vet, Ripple has even overpaid for gas fees on both platforms, likely as a safety precaution during the testing phase.
Despite the increased costs, Ripple has reassured users that these tests are merely part of a controlled environment to guarantee the stability of RLUSD before its official release.
Addressing Stability Concerns with Monthly Reserve Attestations
Ripple has also been proactive in addressing concerns about RLUSD’s backing and stability. Once the stablecoin is officially launched, the company has committed to providing monthly reserve attestations to assure users of its financial soundness. This transparency is expected to bolster confidence in the stablecoin as it moves toward wider market integration.
Ripple’s stablecoin initiative seems to be part of a broader strategic pivot for the company. David Schwartz, Ripple’s Chief Technology Officer, has stated that XRP may be better suited for payments on the XRP Ledger than RLUSD. This aligns with Ripple’s expansion into Ethereum and smart contract integration, as well as its ongoing stock buybacks.
Monica Long, Ripple’s President, has further clarified the distinct roles of RLUSD and XRP within Ripple’s ecosystem. While XRP continues to serve as a primary asset for payments, RLUSD is being positioned to facilitate rapid settlement and integration into traditional financial systems.
Also Read: Ripple Minting Milestone – 350,000 RLUSD Stablecoins Created In One Day!
As Ripple continues to refine its stablecoin through beta testing, the company’s cautious approach signals that the official launch of RLUSD is likely near. However, Ripple’s wait for regulatory approval could delay its release to the broader market. For now, the minting surge suggests growing interest in RLUSD as a key component of Ripple’s evolving ecosystem.
The stablecoin’s potential to bridge the gap between traditional finance and the blockchain world could position Ripple as a major player in the ongoing stablecoin race, and all eyes are on the next steps in this critical phase of development.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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