Here’s How Many Ripple Stable Coin RLUSD Minted so Far as Launch Ticks Closer

As the highly anticipated RLUSD launch inches closer, the stablecoin minting and on-chain transactions have accelerated.

The launch of the RLUSD stablecoin has intensified the bullish sentiments around the XRP Ledger, with analysts speculating that the launch will push XRP to new highs. Notably, Ripple’s CEO, Brad Garlinghouse, confirmed last month that RLUSD will make its market debut in weeks.

While the specific date is still unknown, a ramp in on-chain activities involving the RLUSD stablecoin has suggested an imminent launch. An earlier report showed that over 1.7 million RLUSD had been minted on the XRPL and Ethereum networks as of September 28.

Since then, RLUSD minting and on-chain transfers have accelerated, with the latest data showing that millions of the stablecoin have been minted on both the XRP Ledger and Ethereum. It bears reiterating that RLUSD is still in the private beta testing phase and has not yet launched for public market use.

RLUSD Total Supply Hits $47.4 Million

in this Ripple coin news, Vet, an XRPL dUNL validator, has now notified the XRP community that the stablecoin’s total supply has reached $47.4 million. This comes two weeks after the report highlighting the minting of 1.7 million tokens.

The validator cited a report from CryptoQuant confirming the latest data. Notably, this 2,788% increment in less than three weeks mirrors Ripple’s commitment to accelerate large-scale testing and launch RLUSD soon.

The CryptoQuant chart of the day data shows that 73.4% of the minted $47.4 million RLUSD is on the XRPL network. About $34.8 million RLUSD was issued on the XRP native blockchain, while $12.6 million RLUSD was minted on the Ethereum network.

Ripple Ramp up RLUSD Transfer Testing

Meanwhile, data from Ripple Stablecoin Tracker shows that a huge amount of RLUSD has been shuffled between two accounts as Ripple begins large-scale transfer checks. The transaction, which happened by 12:15 UTC on October 13, saw 3.5 million RLUSD transferred from address “0xFbc” to “0xa2E.”

Also, Ripple conducted another large-scale transfer on the same day, moving 4.5 million RLUSD this time. The on-chain transaction involved the Ripple deployer address “0x3BA” and the sending address from the previous movement.

Notably, Vet mentioned that Ripple is now focused on testing RLUSD transactional acumen. The validator stated that most of the testing on RLUSD involves less minting and redemption and more shuffling between the two addresses.

Meanwhile, market commentators have teased that the launch of RLUSD will boost XRP and the XRP Ledger. While concerns over RLUSD replacing XRP have emerged, Ripple’s CTO, David Schwartz, has assured the community that XRPL’s role in the XRPL network remains central and irreplaceable.