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In a significant development for the cryptocurrency market, Ripple has minted a staggering 4.5 million RLUSD stablecoins within 24 hours.

According to the RLUSD tracker, the minting occurred at the RLUSD Treasury, with an additional 260,000 RLUSD also minted at the same location. Both batches of the newly minted stablecoins were then transferred to unknown wallets.

This brings the total amount minted within the last 24 hours to 4,760,000 RLUSD, with the bulk of 4.5 million minted in a single transaction.

In early August, Ripple began testing the RLUSD stablecoin on XRP Ledger and the Ethereum mainnet. The Ripple stablecoin is now in private beta on both blockchains, allowing extensive testing before launch.

According to Ripple, this phase is critical for ensuring that the RLUSD stablecoin meets the highest security, efficiency and reliability standards before becoming widely distributed and getting regulatory approval. Ripple first announced plans to introduce a U.S. dollar-pegged stablecoin in April.

The latest minting spree is part of Ripple's bigger drive to boost testing in preparation for a highly anticipated launch later this year.

Ripple latest milestones

In the past week, Ripple announced a move that will allow it to diversify beyond its core payment settlement business. In a major entry into crypto custody, Ripple will reveal new features aimed at supporting banks and financial technology companies in storing digital assets on behalf of clients.

This month, Ripple announced that it has gained in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its services from the Dubai International Financial Centre.

Earlier in October, Ripple announced the debut of Ripple Payments in Brazil. Mercado Bitcoin, Latin America's largest Bitcoin exchange, will be the first in Brazil to employ Ripple's managed end-to-end payments service.

In the SEC lawsuit, Ripple has filed a cross-appeal of Judge Torres’s Aug. 7 final judgment.