WrathofKahneman Addresses Growing Rumors About RLUSD Issuance
- Patricia ArquetteOriginal
- 2024-09-30 19:24:221071browse
Prominent XRP community figure WrathofKahneman addresses speculations surrounding Ripple's upcoming stablecoin RLUSD.
Prominent XRP community figure WrathofKahneman has addressed speculations regarding the pace at which Ripple is minting its upcoming stablecoin, RLUSD.
In a tweet yesterday, several hype accounts on X have been spreading premature information regarding the pace at which Ripple is minting its RLUSD stablecoin. According to him, these hype accounts claim that Ripple minted 80% of the RLUSD supply in just 24 hours.
Over 1.7M RLUSD Tokens Minted in Five Days
This speculation comes after Ripple Stablecoin Tracker reported huge volumes of minted RLUSD. As of 12:28 a.m. (UTC) on September 24, RLUSD's maximum total supply surged to 563 tokens following the minting of 485 RLUSD. At the time, the transaction represented the biggest mint conducted in the beta testing phase of the stablecoin.
Following the transaction, Ripple has minted hundreds of thousands of RLUSD tokens. Notably, a total of 1,711,030 (1.71 million) RLUSD tokens have been minted in five days across 14 transactions. The biggest single issuance occurred yesterday at 06:49 p.m. (UTC), with 480,000 RLUSD tokens being issued on the XRP Ledger (XRPL).
As the minting of RLUSD tokens gained steam, some “hype accounts” claim that Ripple minted about 80% of the USD-backed stablecoin supply in just 24 hours. Others speculated that the tokens issued so far represent 100% of the supply.
Addressing these speculations, Kahneman highlighted that the stablecoin is still being developed and hasn't been released for official use. Since the token is in beta testing, Kahneman said that RLUSD does not have a formal reserve attestation. Hence, whether the RLUSD minting reported in the past few days is part of the beta testing remains unclear.
Moreover, Kahneman assured crypto enthusiasts that RLUSD will be released to the market, urging the community to remain patient and not spread misinformation about the USD-backed stablecoin.
Multiple Speculations Trail RLUSD Beta Testing
In the meantime, the stablecoin is still being tested on XRPL and the Ethereum networks. Ripple is yet to confirm the official date of the stablecoin’s launch on the mainnet.
However, several speculations have been making rounds within the XRP community, with some influences speculating that the mainnet launch of RLUSD could positively impact XRP's price.
According to these proponents, XRP's price could soar to $1 million if a drop of XRP matches the value of RLUSD, pegged at $1. It remains to be seen whether this prediction will ever come to fruition.
At press time, XRP is the biggest performer among the top 20 cryptocurrencies, with a 24-hour gain of 4.88%. XRP currently trades at $0.6481 per token, with a daily volume of $2.58 billion.
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