Ripple mints 300K RLUSD stablecoins on Ethereum and XRP networks

Ripple is accelerating its efforts to develop its RLUSD stablecoin on both the Ethereum and XRP networks. Data from the Ethereum blockchain tracker, Etherscan, revealed that Ripple recently minted 300,000 RLUSD as part of ongoing testing.

This latest mint occurred on 28th September and is just one of several similar transactions initiated by Ripple Labs in recent weeks.

Frequent Minting Signals Ramp-up in Testing

The minting of 300,000 RLUSD is part of a broader series of on-chain activities. On 27th September, Ripple also minted 50,000 RLUSD, while earlier transactions in the same month saw the company mint smaller amounts—5,515 RLUSD on 25th September and 485 RLUSD on 24th September.

Additionally, Ripple burned 50 RLUSD, suggesting a dynamic testing environment. These activities began following Ripple's announcement of private beta testing for the stablecoin on 9th August.

Despite the increasing pace of development, Ripple clarified that RLUSD has not yet received regulatory approval, and thus it remains unavailable for purchase or trade. This careful approach hints at Ripple’s awareness of the ongoing regulatory uncertainties in the cryptocurrency industry.

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RLUSD’s Role in Ripple’s Ecosystem

Ripple CEO Brad Garlinghouse unveiled the stablecoin during the XRP Ledger Community Summit (XRPL Apex) in Amsterdam. He highlighted that RLUSD is designed to complement Ripple’s larger objectives, with the stablecoin set to play a crucial role in Ripple’s broader ecosystem.

This positions RLUSD in competition with established stablecoins like Tether’s USDT and others, adding further weight to Ripple’s ambitions.

Ripple President Monica Long further elaborated on RLUSD’s intended purpose, noting that the stablecoin would be primarily used for settlement purposes. Long emphasised that the stablecoin would work alongside XRP, with each serving distinct roles. While RLUSD is expected to enhance settlement processes, XRP will continue to facilitate transactions with smaller market cap crypto assets.

Related reading：Ripple strengthens blockchain infrastructure in Asia through strategic partnerships with Japanese and Korean technology companies and universities

Monica Long Outlines Stablecoin's Use Cases

During an interview in June, Long explained that RLUSD will be backed by cash deposits and short-term U.S. Treasury bills, with a 1:1 peg to the U.S. dollar. The stablecoin is envisioned as a critical tool in bridging traditional finance and blockchain ecosystems, particularly through its integration into decentralised exchanges (DEXs) on the XRP Ledger.

Long's comments underscore Ripple’s growing ambition to extend beyond cross-border payments, which was initially XRP’s main use case. The firm now seeks to integrate productivity across various financial systems using RLUSD.

Ripple appears to be working towards a future where its stablecoin could streamline settlement processes, particularly in environments that require the efficiency and transparency of blockchain-based transactions.