Ripple Mints 350,000 RLUSD Stablecoins in a Day, Expands RLUSD Testing

Ripple minted 350,000 RLUSD stablecoins in just one day. The minting was done in two stages—300,000 RLUSD in the first and 50,000 RLUSD in the second

Ripple [XRP] minted a large amount of RLUSD stablecoins in one day, according to data from Ripple Stablecoin Tracker. The minting was done in two stages—300,000 RLUSD in the first and 50,000 RLUSD in the second.

As reported by the tracker, the total amount of RLUSD minted now stands at 1,000,000. The stablecoin, which is currently in the private beta phase, is operational on the XRP Ledger and Ethereum mainnet.

During this phase, Ripple is offering developers and users a new way to utilize a new asset class that is pegged to the US dollar and is collateralized by high-quality financial instruments such as U.S. Treasury securities, cash, and dollar deposits.

The creation of RLUSD is part of Ripple’s broader efforts to onboard high-value, liquid assets into the XRP Ledger. Ripple had first presented the proposal of the U.S. dollar-linked stablecoin in April earlier this year.

This latest minting activity is seen as part of Ripple’s expanding efforts in preparing the RLUSD stablecoin for its planned release later this year. As an easily recognizable and regulated asset, RLUSD could play a role in shaping the development of financial operations on blockchain technology.

In other news, two new amendments were activated on the XRP Ledger mainnet. According to XRP Scan, the fixPreviousTxnID and fixEmptyDID parameters were activated.

These changes are part of ongoing efforts to improve the XRP Ledger and make it more efficient. The changes were introduced through ledger upgrades, which are voted on by validators in the XRP Ledger network.

To make changes to the protocol, validators need to cast their votes, and changes need 80% approval ratings from validators for two weeks in a row before they can be implemented into the blockchain.

This ensures that all changes in the network are well thought out and endorsed by the larger community.