Ripple Creates Majority of RLUSD Tokens in Record Time
According to exclusive data provided by XRPL validator Vet, an astonishing 99% of the total supply of RLUSD stablecoin has been generated within a single day, marking a significant milestone for Ripple. In just 24 hours, a staggering 800,000 RLUSD tokens were minted, demonstrating the project’s progress towards its imminent launch. This surge in minting activity indicates that Ripple is closer than ever to introducing its much-anticipated stablecoin to the market.
The RLUSD project was first unveiled by Ripple in April, and beta testing commenced in August. Initially, access to the stablecoin will be limited to Ripple’s enterprise partners. With the demand for stablecoins on the rise, Ripple aims to tap into this growing market. Currently, Tether – the leading stablecoin company – boasts a market capitalization of approximately $119 billion.
Remarkably, despite the ongoing legal tussles with the U.S. Securities and Exchange Commission (SEC), XRP – Ripple’s native cryptocurrency – has consistently proven its resilience. Even as the SEC is expected to appeal the ruling that recognized secondary XRP sales as non-securities, XRP’s performance remains impressive. The upcoming launch of RLUSD is anticipated to provide further impetus to the XRP token.
Earlier this year, Monica Long, Ripple’s President, revealed that the launch of the XRP token is slated for this year, adding to the growing anticipation surrounding Ripple’s foray into stablecoins.