Ripple has minted an additional 600,000 RLUSD tokens, further increasing the total supply of its stablecoin. The blockchain company now backs $77.2 million worth of circulating RLUSD tokens with $83 million in reserves, ensuring approximately 7% over-collateralization.
Ripple’s Growing Stablecoin Supply
The latest minting of RLUSD tokens highlights Ripple’s commitment to expanding its stablecoin ecosystem. As of now, RLUSD boasts a $77.2 million circulation with $83 million in reserve assets, providing robust over-collateralization. This move reinforces the token’s stability and reliability in the market.
Ripple is expected to release a detailed attestation report later this month, providing a comprehensive breakdown of its reserve assets. This report aligns with Ripple’s earlier promise to share such details within 30 days of the stablecoin’s launch.
Launched last month following approval from New York financial regulators, RLUSD has already attracted significant interest. According to CoinGecko, RLUSD’s current market capitalization stands at $72 million, with a daily trading volume of $41 million. It is currently traded on platforms like Bitso, Bulish, Mercado Bitcoin, and Sologenic, with expectations of additional exchange listings in the near future.
RLUSD’s Role in Ripple’s Ecosystem
Announced in April, RLUSD is designed to support the growth of the Ripple ecosystem and expand the utility of the XRP token. Ripple’s President, Monica Long, described RLUSD as a potential benchmark for stablecoins, emphasizing its regulatory compliance and innovative approach. However, RLUSD faces stiff competition from established players like Circle and Tether as it seeks to secure a strong foothold in the market.
As reported by Turkish NY Radio, RLUSD’s recent developments underscore Ripple’s strategic focus on creating a compliant and sustainable stablecoin solution. The upcoming attestation report and further exchange listings could solidify its position as a key player in the stablecoin sector.
