- Ripple resumed minting RLUSD stablecoins today, producing a total of 492 units after a week-long break in issuance.
- The RLUSD stablecoin is pegged to the U.S. dollar and backed by deposits, treasuries, and other liquid assets to ensure stability.
- An independent auditor will verify RLUSD’s reserves, and Ripple plans to release monthly transparency reports for its stablecoin operations.
Ripple Labs resumed minting its RLUSD stablecoins after a week-long pause, according to data from the Ripple Stablecoin Tracker on the X platform. These new emissions followed the launch of the RLUSD stablecoin and were tracked on the Ethereum blockchain using Etherscan.
Recent Minting Activity Resumes
Today, the RLUSD Treasury minted 90 dollar-backed RLUSD stablecoins on the Ethereum chain. This marked the resumption of emissions after a week without activity. Earlier in the day, multiple emissions occurred, bringing the total to 402 RLUSD stablecoins minted so far today.
The recent emissions are part of Ripple Labs’ ongoing testing of RLUSD. Last week, on September 6, the Treasury minted 85 RLUSD stablecoins. These were quickly burned following their issuance. These mint-and-burn cycles have been observed throughout Ripple’s testing phases, highlighting the company’s careful approach to asset issuance.
Stablecoin Backing and Audit Plans
RLUSD is fixed to the U.S. dollar to avoid fluctuation in the market and to enable the buyers to have trust in the value of the currency being used. It is one hundred percent collateralized by dollar deposits, US treasuries, and other cash-like instruments. According to Ripple Labs, there is to be an independent third-party auditor in relation to proving the existence of the reserves that back up the stablecoin. The company also intends to come up with monthly attestations in order to make the issuance process more transparent.
The first stablecoin called RLUSD was launched by Ripple in late August of this year. With the resumed minting and testing, ripple is gradually advancing toward the incorporation of its dollar-pegged anchor into mainstream finance. Every one of them is a contribution to the creation of a stablecoin that will be free from any risk, secure, and transparent.
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