Ripple has made a key move in beta testing its Ripple USD (RLUSD) stablecoin, minting its largest batch on September 24. Testing spans both Ethereum and the XRP Ledger (XRPL). At 12:28 AM UTC, Ripple issued 485 RLUSD tokens, raising the total supply to 563, marking the largest release so far.
Community Reactions and Liquidity Discussions
This issuance caught the attention of the XRPL community, especially XRPL dUNL Validator Vet. One community member raised a question about whether its transaction fees could improve XRP liquidity if large amounts of RLUSD were traded.
Related article: Ripple Gears Up for RLUSD Stablecoin Launch With Token Burns
In response, Vet clarified that the transaction fees are minimal, primarily meant to prevent spam. However, he did suggest that the presence of RLUSD on-chain could still contribute to liquidity for XRP and other assets on the decentralized exchange (DEX).
Previous Issuance and Speculative Discussions
This follows a release of 185 RLUSD tokens on August 22, which sparked similar discussions in the XRP community. The recent mint has reignited speculation about potential XRP price movements. Some joked that if XRP matched RLUSD’s $1 value, its price could surge dramatically.
Related article: Ripple CTO Endorses RLUSD Stablecoin as Beneficial for XRP
Vet also joined the fun on social media, humorously suggesting that RLUSD hitting $1 would be a “major” development. His comment poked fun at how certain influencers within the community tend to exaggerate routine updates. Since it is pegged to the US dollar, it is expected to consistently maintain a value of $1. Ripple’s stablecoin project comes during a period of strategic changes for the company. Earlier this month, Ripple’s Chief Technology Officer, David Schwartz, expressed a preference for using XRP over RLUSD for payments on the XRPL.
This statement followed inquiries about Ripple’s evolving business direction, which includes a shift towards Ethereum and smart contracts, along with the company’s recent pre-IPO stock buyback.
