Ripple Welcomes 1.7 Million Newly Minted RLUSD Ahead of Big Development

Data shared by the Ripple Stablecoin Tracker account shows that blockchain behemoth Ripple has created another large chunk of its new product – Ripple USD stablecoin.

This continuation of the RLUSD minting spree has taken place ahead of a major development that is expected to happen later this month.

In the meantime, the same data source has spotted that almost 7 million of these stablecoins have transferred over the past 24 hours.

Ripple mints millions of RLUSD, 6.7 million moved

Ripple Stablecoin Tracker revealed that roughly 16 hours ago, Ripple Treasury minted an impressive stablecoin chunk of 1,790,000 RLUSD.

💵💵💵💵💵💵 1,790,000 #RLUSD minted at RLUSD Treasury.https://t.co/246d6Fh271

— Ripple Stablecoin Tracker (@RL_Tracker) January 6, 2025

This amount of RLUSD was created on the Ethereum chain. Previously, when the product was in a private beta, Ripple announced that it intended to use to chains for launching the stablecoin – XRP Ledger and Ethereum chain. On January 3, as covered by U.Today, Ripple also minted a new batch of 600,000 RLUSD.

After that minting took place, the aforesaid data source revealed that during the past 24 hours, approximately 6.7 million RLUSD were transferred in total. According to the details provided by Etherscan, approximately 1.5 million were moved by major cryptocurrency exchange Bitstamp.

500,000 RLUSD were transferred by Ripple. The rest of the 6.7 million RLUSD mentioned above were shoveled by anonymous whales to unidentified blockchain wallets.

Later this month, Ripple giant is to release an attestation report, which will unveil the composition of the backing assets. So far, Ripple has issued a little less than $80 million RLUSD, having approximately $83 million in reserve to back this stablecoin.

Ripple previously announced that its RLUSD would be audited by independent auditors and promised to release the first attestation report within 30 days of the stablecoin’s public launch.

Ripple owns $100 billion in XRP and not going public

In a recent interview, Ripple CEO Brad Garlinghouse revealed that the amount of XRP tokens owned by Ripple at the moment surpasses the $100 billion equivalent. He said that it was important when talking about the company valuation. The CEO believes that it is far higher than the $11 billion figure that was reported by Reuters at the start of 2024.

Besides, Garlinghouse refuted speculation that Ripple intends to conduct an IPO, adding that this was never a priority.

Source