Compass Investments

– In this post. Ripple mined 800,000 RLUSD tokens in just one day.

Another 50,000 tokens were mined on September 27.

Ripple could face more lawsuits, including the possibility of filing a complaint with the U.S. Securities and Exchange Commission.

The Ripple digital payments blockchain network has mined about 99% of RLUSD tokens in the last 24 hours using Ethereum and XRP tokens. The platform is currently mining around 800,000 RLUSD tokens, and analysts speculate that the company’s planned stablecocin project will be launched soon.

Ripple has mined 800,000 RLUSD tokens on the Ethereum and XRP networks in just 24 hours. XRP Cafe co-founder Vet.XO confirmed this in a post on X today:

The total supply of RLUSD is 812,034 in ETH and XRPL. In the last 24 hours, a total of 800,000 RLUSD has been mined in Ethereum and XRP Ledger. In the last 24 hours, 99% of the total has been mined.

The San Francisco-based company also mined 50,000 RLUSD tokens on September 27, adding to the 5,515 RLUSD tokens and 485 RLUSD mined a few days earlier.

The various mining volumes suggest that the network may be stress-testing the system for wider adoption, with many in the crypto community predicting that the launch of the Ripple stable coin project is just around the corner.

Ripple first announced the development of a stablecoin in April, emphasizing its commitment to regulatory compliance and offering it as a tool for instant cross-border transfers and payment services. Four months later, the platform launched the testing phase of the new stablecoin.

In an August 9, 2024 announcement, Ripple said RLUSD was undergoing private beta testing on XRP Ledger and Ethereum, and urged traders to be wary of scammers posing as Ripple USD distributors.

In August 2024, Judge Analisa Torres of the Southern District of New York issued a final ruling in the SEC’s case against Ripple. Both sides appear to have won and lost.

To begin with, Judge Torres found no evidence that Ripple’s XRP sales to Ripple had harmed a single investor and rejected the Commission’s theory of damages. Nevertheless, the court fined Ripple $125 million, slightly less than the $876 million fine proposed by the SEC.

the Court also issued an injunction prohibiting Ripple from future violations of Section 5 of the Securities Act. In addition, the court denied Ripple’s request to waive its “bad actor” status, which would have disqualified Ripple from qualifying for the Regulation D securities offering exemption for five years.