R2 Testnet Hits 10M Transactions With 200K+ Users in Weeks

• The R2 testnet drew over 200,000 users and hit 10 million transactions in under three weeks.
• R2USD is backed by real-world assets like government bonds and rental income, adding credibility to its stablecoin model.

Less than three weeks after its official testnet launch, the R2 stablecoin protocol has already caught the attention of many. Launched on April 17, 2025, the project has already attracted over 200,000 participants and recorded over 10 million transactions.

In fact, in its early days, over 60,000 unique addresses have participated and managed to control over 50% of the transaction volume on the Ethereum Sepolia network. Imagine, a new project but immediately dominating a crowded test network like that—that’s no small matter.

The RWA-driven yield-bearing stablecoin protocol R2 announced that its testnet attracted over 200,000 participants and processed more than 10 million transactions in less than three weeks. R2’s underlying assets include on-chain U.S. Treasury tokens, compliant money-market fund…

— Wu Blockchain (@WuBlockchain) May 10, 2025

Where Hype Meets Real-World Backing

It’s not just the numbers that prove it. The community is also growing rapidly. The R2 Discord channel is already filled with over 58,000 members who are actively chatting, asking questions, and discussing strategies.

Behind the hype is the promise of real returns from real-world assets such as US government bonds, money market funds, and property rental income. This is not a baseless DeFi dream like some projects in the past—there is a clear and traceable basis.

R2 Doubles Down With Real Utility and Reach

Furthermore, R2 shows that they are not just a project that is good at marketing. On April 16, 2025, just one day before the testnet launch, they officially became a liquidity provider for Ondo Finance.

After passing KYB verification and asset checks, the R2USD stablecoin will be backed by OUSG—Ondo’s US government bond token. This is arguably one of the most concrete “real-world asset” collaterals currently in the stablecoin space.

Interestingly, R2 also introduces a fairly unique incentive system. There are two types of points: Signals for on-chain activity and product usage, and Pulses which are given for social contributions such as posts or community missions. Later, all of these points can be converted into R2 tokens when the mainnet launches.

For those who have often minted R2USD testnet and are active in the community, this could be a pretty promising start. Just imagine if you had joined from the beginning, were a little active, then got tokens when it was released—it could have been the first step to growing your crypto portfolio.

On the other hand, R2 also doesn’t want to play on just one network. They have announced plans to expand their testnet to several additional networks in the next two weeks. The goal is clear: to expand access, attract more participation, and build a truly multi-chain protocol foundation. Because if you only play in one ecosystem, especially in today’s world where everything is cross-network, it will eventually stagnate.

Meanwhile, CNF previously highlighted Meta Platforms, which is also starting to look at stablecoins again. They are reportedly exploring a cross-border payment scheme for digital creators via stablecoins, and are talking to several digital asset companies.

But of course, there is still the shadow of regulatory uncertainty that haunts this ambitious plan. Unlike R2, which seems to have a more down-to-earth approach—based on real assets, clear flow, and its community has begun to form from the bottom, not from the head office of a technology giant.