According to data from XRPL validator Vet, 99% of the entire supply of the RLUSD stablecoin was minted in just one day, with a total of 800,000 RLUSD tokens generated within the last 24 hours.
Data from an X (formerly Twitter) account that tracks RLUSD transfers reveals that the latest minting of approximately 100,000 tokens occurred about eight months ago. This recent surge in token creation suggests the project is nearing its official launch.
Ripple first announced its RLUSD stablecoin in April, and beta testing began in August. Initially, the stablecoin will be available only to Ripple’s enterprise partners, as the company seeks to capitalize on the growing demand for stablecoins. For comparison, Tether, the leading stablecoin, has a market cap of around $119 billion.
As reported by U.Today, XRP has been one of the top-performing cryptocurrencies over the past 24 hours, showing resilience despite the U.S. Securities and Exchange Commission’s anticipated appeal of the July 2023 ruling, which classified secondary XRP sales as non-securities.
The forthcoming stablecoin launch is expected to serve as another growth catalyst for XRP. Ripple’s president, Monica Long, previously hinted that the XRP token would launch later this year.