Ripple has been ramping up its stablecoin testing efforts and minting large volumes of RLUSD over the past few weeks.
The company minted 99% of the stablecoin's total supply (800,000) in a 24-hour period from September 28 to 29.
Ripple’s RLUSD stablecoin has a total supply of 812,034 across two blockchains – Ethereum and XRP Ledger.
Meanwhile, data from Coinalyze shows that XRP’s open interest (OI) rose to a high of $1 billion on Sunday and then adjusted down to $846 million on Wednesday.
XRP OI in the Futures Market | Source: Coinglass
While Ripple stablecoin trials are underway, the payments remittance company is working with regulators to obtain relevant licenses to drive adoption of its financial services infrastructure.
Ripple announced on Tuesday that the company has received a license from the Dubai Financial Services Authority (FSA).
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