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Ripple Labs has continued intensifying its RLUSD stablecoin testing efforts with daily minting sessions. While the exact motive behind its beta testing remains unknown, data from the Ripple Stablecoin Tracker shows that 2,450,000 RLUSD has been minted thus far in October.
Intensified RLUSD minting
Ripple Labs has a reputation for technological advancement. The firm has standards to uphold, and with many competitors in the stablecoin niche, its debut must be nearly flawless.
Per the RLUSD tracker, the 2.45 million tokens minted at the stablecoin treasury occurred in four major tranches. The biggest of these saw 1,350,000 RLUSD minted on the XRP Ledger. Notably, Ripple also minted the second biggest tranche of 500,000 RLUSD on the Ethereum blockchain as the firm sought balancing.
💵💵💵💵💵💵 1,350,000 #RLUSD minted at RLUSD Treasury.https://t.co/P5ZttpBffy
— Ripple Stablecoin Tracker (@RL_Tracker) October 1, 2024
The next two mints were also spread on the XRPL and Ethereum, featuring 450,000 and 150,000 RLUSD, respectively. Recently, Ripple Labs has not conducted its testing campaign with RLUSD burning, a dynamic that has added more intrigue to its overall campaign.
A good explanation for the higher token mint on XRP Ledger over Ethereum might be because of the pedigree of both chains. As of today, Ethereum hosts more stablecoins than XRPL, and the minting might be Ripple’s way of guaranteeing the latter’s reliability.
Ripple's grand plan?
While speculations about Ripple's immediate goals regarding RLUSD remain unknown, the ultimate grand plan is to launch the stablecoin this year.
The firm claims to be waiting for regulatory clearance. This is vital to fend off any future lawsuits that the United States Securities and Exchange Commission (SEC) might file against it. Many stablecoin issuers like Paxos and TrueUSD's parent firm have faced crackdowns in the past, a development Ripple Labs would like to avoid.
Meanwhile, the deadline for filing an appeal in its concluded case against the SEC is days away. Many are still divided on whether the regulator will appeal some parts of the July 17, 2023, ruling.