Ripple Issues Largest Batch of RLUSD on XRPL, ETH
Payments provider Ripple made a significant move in the beta testing of its Ripple USD (RLUSD) stablecoin by issuing the largest batch of tokens to date. A total of 485 RLUSD were released at 12:28 AM UTC, increasing the total supply of the stablecoin to 563 . This event marks a pivotal moment in the testing phase on both the Ethereum network and the XRP Ledger (XRPL).
Ripple Unveils Record 485 RLUSD in Latest Mint
According to XRPScan data, Ripple issued two substantial batches of its stablecoin, each containing 485 RLUSD. Today’s issuance is the largest since the stablecoin project’s inception in late August.
The strategic decision to boost the supply through these mints aligns with ongoing efforts to streamline and scale the testing of RLUSD across diverse blockchain environments.
The community following the developments around RLUSD has shown great interest in these mints, as they represent milestones in roadmap towards a full-scale launch. The increased token supply also aims to provide more data and user feedback, which are crucial for refining the token’s performance and stability.
Strategic Testing Phase Enhances Market Liquidity
Over the past 24 hours, the stablecoin tracker also reported that alongside the issuance, 100 RLUSD were burned in two batches. This indicates a strategic approach to managing the circulating supply. The burning process, which involves permanently removing tokens from circulation, helps in controlling inflation and stabilizing the token value against the US dollar.
The dual strategy of issuing and burning Ripple’s RLUSD is pivotal in testing the economic mechanisms that supports viability on the market. This approach ensures that the stablecoin maintains its peg to the dollar and tests the liquidity provisions on the XRPL and Ethereum platforms. Such activities are essential for assessing the real-world application of the stablecoin and its impact on overall market liquidity.
Ripple’s Market Strategy Supported by Bitwise CIO
As Ripple prepares for the broader launch of its RLUSD, notable financial figures have weighed in on its potential market impact. Bitwise CIO, Matt Hougan, recently highlighted the promising outlook, especially with the impending close of the SEC’s lawsuit.
In addition, Hougan hinted that the regulatory clarity expected from the lawsuit’s conclusion could pave the way for launching a Spot XRP ETF, which would further validate the market’s confidence.
According to Hougan, the launch of such financial products could catalyze a significant increase in XRP price. At the time of writing, the XRP price was recorded at $0.588, showing a minor increase of 0.49% over the last 24 hours, with a trading volume of $916M.
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