On Tuesday, 10 million RLUSD tokens got minted on the Ethereum blockchain, according to data provided by Ripple Stablecoin Tracker.
The total market capitalization of the popular stablecoin has now surpassed $600 million.
Recent RLUSD developments
As reported by U.Today, RLUSD was recently named as the most trusted stablecoin by the independent stablecoin rating agency Bluechip.
Last month, Bank of New York Mellon Corporation, the oldest American bank, confirmed that it would act as a custodian for the red-hot stablecoin, further boosting RLUSD's legitimacy.
Earlier today, Doppler Finance, the first "XRPfi" protocol, announced the introduction of a Ripple USD (RLUSD) vault that makes it possible to deposit the popular stablecoin to earn more tokens.
Will RLUSD reach top 5?
As reported by U.Today, RLUSD is now on the cusp of entering the top 100 after racing ahead of Zcash (ZEC), a privacy coin that has been mostly forgotten due to severe regulatory crackdown on the niche sector.
Team Ripple previously publicly revealed that they expect the RLUSD stablecoin to eventually enter the top 5 biggest stablecoins by market capitalization.
However, the aforementioned goal appears to be out of reach for now, considering that RLUSD would have to add billions to its market cap within a relatively short period of time.
With less than five months left until the end of the year, RLUSD is not even among the top 15 biggest stablecoins, according to CoinGecko data. Ripple's stablecoin product is so far trailing behind Stable Labs (USDX) and Tether Gold (XAUT). PayPal's PYUSD stablecoin is fast approaching the $1 billion milestone.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team