Ripple Makes Waves With Largest Ever Mint of RLUSD Tokens On XRPL
Ripple is currently conducting beta testing of its proprietary stablecoin, Ripple USD (RLUSD), on both the Ethereum network and the XRP Ledger (XRPL). On September 24, Ripple issued 485 RLUSD tokens at 12:28 AM UTC, representing the largest release during the stablecoin’s testing phase, and increasing RLUSD’s maximum total supply to 563 tokens.
Significant Issuance
This significant issuance has captured the attention of various XRPL community members, including Vet, an XRPL dUNL Validator. One user raised a query regarding whether transaction fees associated with RLUSD could contribute to enhancing XRP liquidity with the utilization of large RLUSD volumes. Vet clarified that while the fees are minimal and primarily intended for spam prevention, RLUSD’s presence on-chain could still drive liquidity into XRP and other assets on the decentralized exchange (DEX).
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This issuance follows a previous release of 185 RLUSD on August 22, which also prompted discussions within the community. The recent RLUSD issuance has sparked speculative discussions within the XRP community about potential price movements. Some community members have humorously speculated that XRP’s value could surge dramatically if it were to match the value of RLUSD, pegged at $1. Vet recently made a lighthearted comment on social media, highlighting the humor in exaggerations by some community influencers. Since RLUSD is pegged to the dollar, it is expected to maintain a consistent value of $1.
Ripple’s stablecoin initiative coincides with broader changes in the company’s strategic direction. David Schwartz, Ripple’s CTO, expressed a preference for XRP over RLUSD for payment purposes on the XRPL. This comment followed questions about Ripple’s evolving business strategies, including its shift towards Ethereum, smart contracts, and its recent pre-IPO stock buyback.
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