Ripple Mints 99% of RLUSD Tokens in 24 Hours

According to data provided by XRPL validator Vet, a whopping 99% of the entire supply of the RLUSD stablecoin has been generated in a single day.

A total of 800,000 RLUSD tokens have been minted over the last 24 hours.

The data from the X social media account that tracks RLUSD transfers shows that the latest mint of roughly 100,000 took place about eight months ago.

The uptick in the minting process likely indicates that the project is closer to launch.

Ripple’s stablecoin was originally announced back in April.

The company started beta testing the new product in August. The stablecoin would be initially available only to the company’s enterprise partners.

The company wants to tap into the growing demand for stablecoins. Tether, the leading stablecoin company, has a market cap of roughly $119 billion.

As reported by U.Today, XRP is one of the best-performing cryptocurrencies over the 24 hours.

The cryptocurrency is showing impressive strength despite the fact that the U.S. Securities and Exchange Commission is widely expected to appeal the July 2023 ruling, which recognized secondary XRP sales as non-securities.

The upcoming launch of the stablecoin is expected to be another catalyst for the XRP token.

Earlier, Monica Long, Ripple’s president, spilled the beans about the XRP token launching this year. However, it is not immediately clear when exactly the token will become available for the general audience. 

Meanwhile, the introduction of the RLUSD stablecoin has provided fraudsters with more opportunities to scam some uninitiated XRP users. As reported by U.Today, bad actors are attempting to capitalize on the excitement surrounding the new project by promoting fake tokens.