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Ripple has added 2,000,000 RLUSD to the amount of its stablecoin currently in circulation, minting the tokens on the Ethereum network to support liquidity for users.
San Francisco-based blockchain firm Ripple minted an additional 2,000,000 RLUSD on Ethereum in a new transaction on Thursday, April 9, according to the Ripple Stablecoin Tracker.
The 2,000,000 RLUSD were minted from the RLUSD Treasury. Although RLUSD is designed to maintain an equal value with the U.S. dollar, the newly minted supply on Ethereum was valued at about $2 million. The transaction used a gas fee of approximately 0.0000195 ETH.
Transaction details indicate Ripple minted the tokens from a null address before transferring them to the destination wallet 0xFbcA8B5f…0Db600BB6.
Since RLUSD launched about a year ago, Ripple has continued to manage the stablecoin’s supply across both the XRP Ledger and the Ethereum blockchain, including periods of steady removal and addition.
Ripple’s approach of continuously deflating the RLUSD supply while also minting new tokens on a daily basis has prompted ongoing questions from users.
While the rationale for the minting activity has not been fully explained, market participants have suggested that Ripple’s actions may be aimed at managing RLUSD liquidity as it works to expand adoption among enterprises seeking to integrate blockchain technology.
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