Ripples Massive RLUSD Testing Sparks Concerns: $47.7M Worth Tokens Minted
- RLUSD minting has surged to $47.4 million, with 73.4% on the XRP Ledger.
- Ripple is actively testing RLUSDs transaction capabilities with large-scale transfers.
- Analysts predict that the RLUSD launch could boost XRP, though concerns about XRPs role persist.
The excitement around the RLUSD stablecoin launch has stirred the XRP community, as Ripple edges closer to unveiling this much-anticipated project. With Ripples CEO, Brad Garlinghouse, confirming that the new stablecoin will hit the market soon, XRP enthusiasts are speculating that the stablecoin could send XRP prices soaring. Though the exact launch date remains elusive, the recent uptick in on-chain activity suggests the wait might be almost over.
Since late September, the minting of RLUSD has ramped up significantly. Initially, reports indicated that around 1.7 million tokens had been minted across the XRP Ledger (XRPL) and Ethereum networks. However, the latest figures show that minting has accelerated, with RLUSDs total supply now reaching $47.4 million.
Of this supply, 73.4%, or $34.8 million, was minted on the XRP Ledger, solidifying the XRP native blockchains dominance in hosting this stablecoin. The remaining $12.6 million was minted on Ethereum, illustrating a multi-network approach. This 2,788% jump in less than three weeks highlights Ripples focus on rapid testing and deployment of RLUSD.
Ripples RLUSD Transfer Testing in Full Swing
Recent data from the Ripple Stablecoin Tracker shows that Ripple has been busy conducting large-scale transfer tests for the stablecoin. These transactions, happening within a 24-hour span on October 13, saw millions of the stablecoin shuffled between key addresses on the XRPL. In one instance, 3.5 million stablecoins were transferred between two major addresses, followed by another 4.5 million tokens shift. Ripple is testing the stablecoins ability to handle large-scale transactions, moving beyond minting into real-world transfer scenarios.
Ripples increased activity around RLUSD has sparked a bullish outlook for XRP. Analysts suggest that the stablecoins public launch could drive new use cases on the XRPL, pushing XRP to new highs. However, despite some concerns that the stablecoin might overshadow XRP, Ripple CTO David Schwartz has reassured the community that XRPs role on the ledger remains essential.
Metrics reveal that the stablecoins growth is accelerating, with its total supply climbing from 1.7 million to 47.4 million tokens within weeks. This has led to speculation about Ripples plans for widespread stablecoin adoption, and how it could impact XRPs market dynamics.
As the crypto world watches, the launch of RLUSD could become a pivotal moment for XRP. Whether its a new catalyst for XRPs price or an enhancement to the XRPL ecosystem, one thing is clearRipple is making waves again.
Read more: https://www.tronweekly.com/ripple-massive-rlusd-47-7m-worth-tokens-minted/
Text source: TronWeekly
