Ripple advances RLUSD beta testing on Ethereum and the XRP Ledger (XRPL) with more tokens issued.
Ripple has continued to advance the beta testing of its proprietary Ripple USD (RLUSD), its upcoming stablecoin, on both the Ethereum network and the XRP Ledger (XRPL).
Particularly, on September 24, Ripple issued 485 RLUSD tokens at 12:28 AM UTC, marking the largest release during the stablecoin’s testing phase. This recent issuance has increased RLUSD’s maximum total supply to 563 tokens.
Indeed the biggest mint of #RLUSD on XRPL and ETH so far.
Yes token issuance is just a payment 😮 https://t.co/6O12YM0vLM pic.twitter.com/9jNz4F2u6E
— Vet 🏴☠️ (@Vet_X0) September 24, 2024
Largest Issuance
This issuance has caught the attention of several XRPL community members, including Vet, an XRPL dUNL Validator.
Notably, one user questioned whether transaction fees associated with RLUSD could enhance XRP liquidity if large volumes of RLUSD were utilized.
Vet responded, clarifying that while the fees are minimal and mainly for spam prevention, RLUSD’s presence on-chain could still drive liquidity into XRP and other assets on the decentralized exchange (DEX).
The issuance also follows a previous release of 185 RLUSD on August 22, which had similarly stirred discussions within the community.
Community Speculation
The latest RLUSD issuance has sparked speculative discussions within the XRP community about potential price movements. Some community members have humorously speculated that XRP’s value could surge dramatically if it were to match the value of RLUSD, pegged at $1.
Vet recently joked on social media that RLUSD reaching $1 would be a “major” development, poking fun at how some community influencers exaggerate routine reports. Since RLUSD is pegged to the dollar, it is expected to always maintain a value of $1.
Ripple’s Strategic Decisions
Ripple’s stablecoin initiative comes amid broader changes in the company’s strategic direction. Earlier this month, Ripple’s CTO, David Schwartz,expressed a preference for XRP over RLUSD for payment purposes on the XRPL.
This comment followed questions about Ripple’s evolving business strategies, including its shift towards Ethereum, smart contracts, and its recent pre-IPO stock buyback.
