Ripple Resumes RLUSD Stablecoin Minting with 90 New Tokens Issued

Ripple Labs confirmed the issuance of an additional 90 RLUSD stablecoins, continuing its operational strategy to expand its digital assets. According to data from the Ripple Stablecoin Tracker, these mintings mark a significant step for the company.

Notably, no burns have been reported today, contrasting with previous practices where new tokens were frequently burned to adjust supply.

Ripple Continues RLUSD Stablecoin Minting

In the ongoing development of its RLUSD stablecoin, Ripple has issued another batch of 90 stablecoins, as observed by the Stablecoin Tracker. This action underscores the blockchain company’s commitment to enhancing its stablecoin framework. 

Additionally, unlike before when Ripple burned 185 RLUSD tokens, this mint was issued without conducting any immediate burns. 

Data retrieved from Etherscan indicates that the new RLUSD tokens were created on the Ethereum blockchain, representing a continuous effort to maintain liquidity and stability in the market. This minting session comes after a brief pause, with the last issuance recorded a week prior.

However, this was not the sole issuance event today. Tracking data reveals that the Treasury conducted multiple emissions earlier, totaling 402 RLUSD stablecoins minted on this day.

Testing and Regulation: Ensuring RLUSD’s Market Stability

The XRP company approach to introducing RLUSD involves testing phases and regulatory compliance for stability within the ecosystem. By avoiding burns in the current phase, the company aims to study the market’s response to a consistent increase in supply.

An upcoming third-party audit is slated to assess the adequacy of XRP company’s reserves backing the RLUSD, ensuring transparency. This step affirms the crypto firm’s commitment to providing a stable digital currency pegged to the U.S. dollar.

Future Prospects: Expansion and Integration of RLUSD

Additionally, the crypto firm plans to expand the usage and acceptance of RLUSD across various financial platforms. With each minting, the integration of RLUSD into everyday financial transactions becomes more tangible.

Recently, an expert discussed the potential benefits for XRP following the launch and adoption of Ripple USD (RLUSD). The analyst highlighted the interplay between the new stablecoin and Ethereum, and XRP’s established roles within the ecosystem.

Eri pointed out the parallel roles of XRP on the XRPL and Ethereum’s ETH as a gas token, underscoring the essential function of XRP in facilitating transactions on the XRP Ledger. She emphasized that the inclusion of RLUSD could drive a substantial volume of transactions to the XRPL Mainnet, spanning multiple currencies. 

However, according to CoinGape analysis, the current allegations against Ripple, branding it as a ‘scam’ due to its centralization, have put bearish pressure on XRP price. Despite some recovery spurred by lower CPI data, ongoing concerns might drive XRP price to $0.47.

At the time of writing, XRP price is $0.5612, experiencing a 6.15% increase over the last 24 hours. The trading volume has surged by 72.95%, indicating heightened market activity.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. His work includes notable contributions to Cryptopolitan and Coingape News Media, where he shares his insights on the latest developments in the cryptocurrency market. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.