According to data provided by XRPL validator Vet, an astounding 99% of the total supply of the RLUSD stablecoin was minted in a single day, totaling 800,000 RLUSD tokens over the last 24 hours. This surge in minting activity, as indicated by X social media account tracking RLUSD transfers, suggests that the project is nearing its launch phase.
Originally announced in April, Ripple’s stablecoin has been in beta testing since August, initially accessible only to the company’s enterprise partners. With a market cap of approximately $119 billion, Tether, the leading stablecoin company, has driven an increasing demand for stablecoins, which Ripple aims to leverage.
Despite facing regulatory challenges, XRP has shown resilience and strength in the market. The U.S. Securities and Exchange Commission’s expected appeal of the July 2023 ruling recognizing secondary XRP sales as non-securities has not deterred XRP’s performance.
The upcoming launch of the RLUSD stablecoin is poised to serve as a significant catalyst for the XRP token. Ripple’s president, Monica Long, previously hinted at the XRP token’s launch this year, further fueling anticipation within the crypto community.
