Ripple Mints 350,000 RLUSD Stablecoins as XRP Ledger Activates New Features
Ripple minted 350,000 RLUSD stablecoins in just one day. The minting was done in two stages300,000 RLUSD in the first and 50,000 RLUSD in the second, according to data from Ripple Stablecoin Tracker, a popular XRP Ledger account that tracks all RLUSD minting and redemption activities.
Ripples RLUSD stablecoin is in the private beta phase and is operational on the XRP Ledger and Ethereum mainnet. This phase which was initiated earlier this month is to confirm that the RLUSD stablecoin meets high levels of security, efficiency and reliability before being launched into the market. RLUSD is being introduced as a stable token that is anchored to the US dollar and Ripple is offering developers and users a new way to utilize a new asset class that is collateralized by high-quality financial instruments including US Treasury securities, cash and dollar deposits.
The creation of RLUSD is just one of the many efforts that Ripple is making to onboard high value, liquid assets into the XRP Ledger. Ripple had first presented the proposal of the U.S. dollar linked stablecoin in April 2024 earlier this year. The company plans to unlock new liquidity, institutional adoption, and decentralized applications in its ecosystem. RLUSD is expected to act as a stable currency for the institutional buyers to make safe and secure transactions on the blockchain platform.
Ripple Expands RLUSD Testing
This latest Ripple minting activity has been viewed as part of Ripples intensified efforts in expanding the testing and improving the RLUSD stablecoin in preparation for the latters planned release in the current year. As an easily recognizable and regulated asset, RLUSD could be instrumental in determining the further development of financial operations on the basis of blockchain technology.
Apart from the stablecoin news, XRP Ledger has recently seen a lot of changes, two new amendments have been activated on its mainnet. As suggested by XRP Scan, the fixPreviousTxnID and fixEmptyDID parameters were activated in order to increase the efficiency of the ledger and to These changes are in harmony with the efforts to enhance the XRP Ledger in order to remain relevant and effective in the growing industry.
In contrast, the XRP Ledger makes use of a consensus model in amending, where validators are required to cast their votes. Changes to the protocol need 80% approval ratings from validators for two weeks in a row before they can be implemented into the blockchain. This means that all changes in the network are well thought out and endorsed by the larger community.
Further developments with respect to RLUSD and the XRP Ledger show that the cryptocurrency market is indeed evolving. Ripple is currently working towards the full launch of the RLUSD, the implications of which suggest that there are huge changes afoot for the XRP ecosystem that could have significant consequences for the XRP in the financial market.
Read more: https://www.tronweekly.com/ripple-mints-350000-rlusd-stablecoins-as-xrp/
Text source: TronWeekly
