The launch of the RLUSD stablecoin from Ripple draws closer as minting on XRPL and Ethereum intensifies.
Ripple appears to be nearing the launch of its RLUSD stablecoin, as recent activities on the XRP Ledger (XRPL) and Ethereum blockchains suggest significant advancements in the stablecoin’s testing phase.
The latest developments follow a notable pattern of increased minting activity, drawing attention to the stablecoin’s imminent release. Vet, a prominent XRPL validator, recently highlighted these developments, indicating that the stablecoin’s debut could be close.
I have been monitoring #RLUSD activity closely. The past couple mints are not following the same pattern, time and days.
Testing activity is increasing, maybe a launch on XRP Ledger and ETH is coming closer 🤷♂️
Anyway, a mint of 589 RLUSD on the XRPL would fulfill the prophecy. https://t.co/pcwXXpHz6x
— Vet 🏴☠️ (@Vet_X0) September 25, 2024
Unusual Minting Patterns Signal Progress
According to Vet, the timing and volume of recent mints deviate from previous patterns, indicating an intensified testing phase.
Recently, the most significant minting activity occurred on the Ethereum blockchain, where Ripple minted 5,515 RLUSD tokens on September 25. This raised the total circulating supply to 6,028 tokens.
This batch, the largest since the project’s inception in late August, aims to evaluate RLUSD’s performance on both the Ethereum and XRPL networks. Data from EtherScan also confirmed an earlier mint of 485 tokens before this larger issuance.
Community Speculation on XRP Price Surge
Meanwhile, the anticipation of RLUSD’s launch has fueled speculation within the XRP community, particularly regarding its potential impact on XRP’s price. Some community members noted that if a single drop of XRP ever equated the value of one RLUSD, XRP’s price would hit greater heights.
These discussions were partly sparked by Vet’s satirical comments, which critiqued the tendency to sensationalize routine developments. Although RLUSD is pegged to the US dollar at $1, Vet’s remarks have nonetheless drawn attention.
Crypto Tank, an active XRP community member, pointed out that if XRP’s value were to rise significantly, drops could become a more recognized unit in transactions, reflecting the increased market value of XRP. Currently, XRP is valued at $0.5854, far from the $1 mark it last reached in November 2021.
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