Ripple issues a record 485 RLUSD stablecoins, increasing its supply for beta testing on Ethereum and the XRP Ledger.
Ripple has taken a major step in the beta testing of its Ripple USD (RLUSD) stablecoin by issuing its largest batch of tokens to date.
A total of 485 RLUSD were released at 12:28 AM UTC, bringing the stablecoin’s total supply to 563.
Ripple Issues Record 485 RLUSD in Latest Mint
According to data from XRPScan, Ripple minted two large batches of its stablecoin, each consisting of 485 RLUSD.
This latest issuance marks the most substantial release since the stablecoin project began in late August.
The decision to significantly increase the token supply aligns with Ripple’s ongoing efforts to enhance and scale testing for RLUSD across multiple blockchain environments.
Following RLUSD’s development, the community has shown strong interest in these token releases, viewing them as important milestones on the path to a full-scale launch.
The increased supply will also help gather valuable user feedback, essential for improving the token’s performance and stability.
Strategic Testing Phase Improves Market Liquidity
Over the past 24 hours, a stablecoin tracker also reported that 100 RLUSD were burned in two separate batches, demonstrating a strategic approach to managing the circulating supply.
The burning process permanently removes tokens from circulation, helping to control inflation and stabilize the token’s value relative to the US dollar.
Ripple’s dual strategy of issuing and burning RLUSD plays a crucial role in testing the economic mechanisms that ensure the token’s market viability.
This approach helps maintain the stablecoin’s dollar peg while testing liquidity on both the XRPL and Ethereum platforms.
However, these activities are vital for evaluating the stablecoin’s real-world application and its effect on overall market liquidity.
Ripple’s Market Strategy Backed by Bitwise CIO
As Ripple moves toward the broader launch of RLUSD, prominent financial figures have commented on its potential impact.
Matt Hougan, the Chief Investment Officer of Bitwise, recently expressed optimism about Ripple’s outlook, especially with the expected resolution of the SEC lawsuit.
Hougan also suggested that the regulatory clarity from the lawsuit’s conclusion could pave the way for introducing a Spot XRP ETF, further strengthening market confidence.
He believes that the launch of such financial products could trigger a significant rise in XRP’s price.
As of this writing, XRP’s price is $0.588, reflecting a slight 0.49% increase over the last 24 hours, with a trading volume of $916 million.
