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Following a 17-day hiatus, 3.1 million RLUSD has been reintroduced into the market. WLFI Rejects News Dispatches, Blaming Them for Political Motivation
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Ripple Labs Inc., a blockchain payment firm based in the U.S., has brought its dollar-pegged stablecoin RLUSD into the spotlight through recent minting by the Treasury. As per data from the Ripple stablecoin tracker on X, 3.1 million RLUSD has been injected into circulation.
Restart of RLUSD Minting
As indicated by the tracker, this issuance represents the company’s first minting in approximately 17 days, following a prior minting of 625,000 RLUSD on February 10, which was later halted. Both the recent minting and the earlier one took place on the XRP ledger, suggesting that the stablecoin ecosystem in the area is continuously advancing.
As one of the rising stablecoins in the sector, RLUSD has attracted considerable interest across various fronts. Market data reveals that the total circulating supply of this stablecoin stands at 53 million. When effectively distributed, this newly minted token is anticipated to elevate the supply to 56 million.
In terms of daily activity, RLUSD has surpassed its rivals in the stablecoin sector. The token’s 24-hour trading volume jumped over 11%, reaching $157.39 million. With this performance, RLUSD is ahead of Ethena USDe and Circle’s EURC, which recorded trading volumes of $118 million and $24.4 million, respectively.
Applications of RLUSD
Since its introduction, Ripple Labs has been broadening its ecosystem via collaborations to improve the applications for RLUSD. As mentioned by U.Today previously, RLUSD was successfully introduced on Revolut and Zero Hash earlier this month, further enhancing its accessibility in different areas.
The Ripple USD stablecoin has bolstered the AMM liquidity pools on the XRP Ledger. With recent modifications to the AMM executed on the mainnet, the importance of RLUSD has grown even more.
At present, there are conversations regarding the implementation of RLUSD on the Cardano protocol as a dual-chain asset. If this initiative is successful, it could establish a favorable new demand foundation for the coin in the ever more competitive stablecoin landscape.
