🚀 Ripple Minted 99% of Its RLUSD Stablecoin Total Supply in a Day
posted 30 Sept 2024
At the end of September, Ripple got a major update related to its Ripple USD (RLUSD) stablecoin. The blockchain payments company minted 800,000 RLUSD, or 99% of the total supply in 24 hours, according to an X post by XRP Ledger validator Vet.
This brings the total supply of RLUSD minted on the XRP Ledger and Ethereum blockchain to 812,023 coins.
This brings the total supply of RLUSD minted on the XRP Ledger and Ethereum blockchain to 812,023 coins.
Currently, RLUSD is in private beta testing, and the company is yet to announce the official launch date. Before that, however, Ripple needs to receive regulatory approval for its stablecoin as mentioned in the company’s August announcement.
RLUSD is not available for purchase, so if any trader or platform recommends buying it, they are probably trying to scam you.
RLUSD won’t replace XRP; rather, it will serve as an additional digital asset within the ecosystem. The stablecoin is pegged to the US dollar and is created for stakeholders, like banks, large institutions, or traders who want to minimize price volatility risks.
The XRP price, on the other hand, is volatile. At the moment, XRP trades at around $0.6 (a 4% increase in the last 24 hours) and is the 6th largest crypto with a market cap of over $36 million.
In 2020, the US SEC (Securities and Exchange Commission) sued Ripple, claiming that XRP is an unregistered security and that the company violated the law by selling the token. As of September 2024, the SEC vs Ripple legal battle is still ongoing.
RLUSD is not available for purchase, so if any trader or platform recommends buying it, they are probably trying to scam you.
RLUSD vs XRP: What’s the Difference
RLUSD isn’t the first coin launched by Ripple. The network has a native cryptocurrency, XRP, which is used for cross-border transactions and network payments, among other use cases.
RLUSD won’t replace XRP; rather, it will serve as an additional digital asset within the ecosystem. The stablecoin is pegged to the US dollar and is created for stakeholders, like banks, large institutions, or traders who want to minimize price volatility risks.
The XRP price, on the other hand, is volatile. At the moment, XRP trades at around $0.6 (a 4% increase in the last 24 hours) and is the 6th largest crypto with a market cap of over $36 million.
In 2020, the US SEC (Securities and Exchange Commission) sued Ripple, claiming that XRP is an unregistered security and that the company violated the law by selling the token. As of September 2024, the SEC vs Ripple legal battle is still ongoing.
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