Ripple’s RLUSD total supply has surged to 47.4 million RLUSD, marking a significant milestone in its development.
This substantial growth was posted by XRP community figure XRP Captain (@UniverseTwenty) on X shows the rapid expansion of Ripple’s ecosystem and the commitment to minting and launching RLUSD as soon as possible.
The most recent rise in RLUSD supply is shown in a chart posted by XRP Captain, showing the considerable jump over the past few days in the total amount of RLUSD circulating across the XRP Ledger (XRPL) and Ethereum blockchain.
The rapid increase in RLUSD’s supply can be compared to a previous development in late August 2024, when Ripple minted 42 million RLUSD in just 24 hours.
That signified a turning point for the stablecoin, as the company had only minted small amounts leading up to that point. The bulk of RLUSD tokens (a little over 73%) have been minted on the XRPL, with the remainder on Ethereum.
While this amount has raised eyebrows across the cryptocurrency community, it’s important to note that RLUSD is still in its testing phase, and these tokens are not yet in active circulation.
RLUSD, a stablecoin tied to the US dollar, plays a role in facilitating transactions within the Ripple ecosystem.
With RLUSD, Ripple can provide substantial liquidity for cross-border payments, leveraging its decentralized infrastructure for efficiency and speed.
Its compatibility with XRPL and Ethereum enhances interoperability, making it accessible across multiple platforms.
This cross-chain functionality is likely a key factor that could drive RLUSD’s adoption. The community is excited as Ripple CEO Brad Garlinghouse has revealed that the stablecoin’s launch is imminent.
However, the sudden minting of such a large volume of RLUSD and its rise in popularity has sparked concern among some market participants about potential implications for XRP’s role in the ecosystem.
To address this, Ripple’s Chief Technology Officer (CTO) has emphasized that XRP will continue to be a central part of the company’s operations, particularly as an auto-bridge asset for transactions.
The issuance of RLUSD aligns with Ripple’s broader goal of improving efficiency in global payments, particularly by providing a stable, dollar-pegged asset that can be utilized across decentralized platforms.
Ripple is exploring RLUSD’s use case alongside XRP, rather than replacing it. Other experts also see this as a major benefit for XRP, expecting significant price growth as RLUSD adoption increases.
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.
Follow us on Twitter, Facebook, Telegram, and Google News
The bulls are back, with Bitcoin (BTC) on price discovery. Alternative cryptos are also gaining…
As established cryptocurrencies like XRP, Dogecoin, Shiba Inu, and Cardano aim for significant growth, speculation…
The story of a young mathematics prodigy who earned $40 million from his initial investment…
As the cryptocurrency market expands, investors are looking beyond giants like Bitcoin and Ethereum to…
As Bitcoin approaches the elusive $100,000 milestone, the entire cryptocurrency landscape is set for a…
Coinbase recently announced the availability of PEPE, the meme-inspired cryptocurrency, on its trading platform with…