Ripple Performs Massive 350,000 RLUSD Stablecoin Mint in 24 Hours

In a groundbreaking move, Ripple minted 350,000 RLUSD stablecoins within 24 hours. The mint was done in two transactions of 300,000 RLUSD and 50,000 RLUSD as reported by Ripple stablecoin tracker, an XRPL community X account dedicated to tracking the minting and redemption of Ripple’s RLUSD.

Ripple’s RLUSD stablecoin is currently in private beta on XRP Ledger and the Ethereum mainnet.

💵💵💵💵💵💵 300,000 #RLUSD minted at RLUSD Treasury.https://t.co/0ZRFRQ0jDz

— Ripple Stablecoin Tracker (@RL_Tracker) September 28, 2024

In early August, Ripple started testing the RLUSD stablecoin on both blockchains. This phase, according to Ripple, is crucial for ensuring that the RLUSD stablecoin fulfills the greatest security, efficiency and reliability standards before being widely distributed and receiving regulatory approval.

Ripple first revealed plans to launch a U.S. dollar-pegged stablecoin in April. This is viewed as a significant milestone in introducing high-quality assets to XRP Ledger and opening up new opportunities, liquidity and institutional use cases for users, developers and applications. The token will be backed by short-term U.S. Treasury securities, dollar deposits and cash equivalents.

The latest minting spree is part of Ripple’s larger effort to ramp up testing ahead of a highly anticipated launch later this year.

XRP Ledger set to receive new features

XRP Ledger is set to receive new features as two amendments have now been activated on its mainnet.

According to XRP Scan, an XRPL explorer, amendments fixPreviousTxnID and fixEmptyDID have now been enabled on the XRPL mainnet. These amendments fix the behavior of ledger objects and the upcoming DID support, respectively.

Amendments to XRP Ledger represent new features or other changes to transaction processing.

The amendment system on XRP Ledger uses the consensus process to approve any changes that affect transaction processing on XRP Ledger.

Fully functional transaction process changes are offered as amendments, and validators vote on them. If an amendment achieves more than 80% approval for two weeks, it passes and the change is permanent for all subsequent ledger versions.

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