Ripple’s latest developments in the stablecoin sector have sent ripples throughout the cryptocurrency market. In the early hours of October 4, 2024, the San Francisco-based financial technology company minted an extraordinary 29.7 million RLUSD tokens.
Amelie (@_Crypto_Barbie), a prominent voice in the community, shared the exciting development on X. This development has raised speculation that Ripple’s highly anticipated stablecoin is nearing its formal release.
🚨 BREAKING:
29,700,000 ‚RLUSD‘ JUST GOT MINTED AT RLUSD TREASURY! 💸
‚RLUSD‘ WILL STILL LAUNCH IN Q4 2024 AND #XRP WILL BE USED AS AN AUTO-BRIDGE ASSET! 💎 pic.twitter.com/HkBJjpn3iL
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) October 4, 2024
Details of RLUSD Minting
Amelie shared screenshots of posts from Ripple Stablecoin Tracker (@RL_Tracker), an account on X tracking developments surrounding the stablecoin. She shared four transactions where the company minted 6.3 million RLUSD, 6.4 million RLUSD, 7 million RLUSD, and a larger mint of 10 million RLUSD, bringing the total to 29.7 million RLUSD.
Ripple Stablecoin Tracker reveals that the company has been minting and burning small amounts of RLUSD since late August when the beta testing began. However, these are the largest mints since the process began. The largest amount before these was 1.35 million RLUSD from October 1.
Following the transactions shared by Amelie, Ripple minted two additional batches. The first was 6.2 million RLUSD and the second was 6.1 million RLUSD, bringing the total number of tokens minted over the past 24 hours to 42 million RLUSD.
The tokens were minted in the RLUSD Treasury and have been minted on the XRP Ledger and the Ethereum blockchain, confirming the cross-chain deployment that the company promised. This massive surge might also hint at the final preparations for the stablecoin’s launch.
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XRP as an Auto-Bridge Asset
An integral aspect of Ripple’s stablecoin is the readiness to use XRP as an auto-bridge asset. XRP will serve as the intermediary for stablecoin transactions across multiple fiat and digital currencies.
This functionality aligns with Ripple’s broader vision of facilitating fast, low-cost cross-border payments by bridging the gap between traditional finance and decentralized finance (DeFi).
By positioning XRP as the bridge asset for the stablecoin, Ripple is capitalizing on its existing XRP ecosystem, offering liquidity and interoperability. This strategy allows for seamless conversion of RLUSD into various global currencies, reducing friction in international transactions, a major bottleneck in traditional banking.
Despite the recent appeal by the U.S. Securities and Exchange Commission (SEC), Ripple continues to push forward with its stablecoin plans. Ripple CEO Brad Garlinghouse recently promised that the stablecoin launch was weeks away, and the company is committed to keeping its promise to users and investors.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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