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The last 24 hours have seen a notable issuance of 2,008,333 RLUSD by the Ripple stablecoin RLUSD Treasury. Ripple Stablecoin Tracker, a community account on X that tracks the minting, redemption and transfer of Ripple's RLUSD, reports this development in a tweet, highlighting the latest activity at the RLUSD Treasury.
The most recent minting event highlights the continued expansion of RLUSD, with a steady issuance signaling growing demand for the Ripple stablecoin.
In the last 24 hours, 2,008,333 RLUSD were minted at RLUSD Treasury. Jan. 16 saw the minting of 5,868,226 RLUSD at the RLUSD Treasury in two separate tranches of 690,000 RLUSD and 5,178,226 RLUSD.
Tomiwabold OlajideThe timing of the mintings coincides with growing interest in stablecoins as a haven in the often volatile cryptocurrency market. Stablecoins are designed to maintain a stable value by being pegged to a reserve asset, such as the U.S. dollar. The RLUSD token in this context is fully backed by U.S. dollar deposits, U.S. government bonds and cash equivalents.
Ripple stablecoin gains traction
Ripple USD (RLUSD) stablecoin officially launched on global exchanges Dec. 17, 2024.
This year, Ripple announced it had adopted the Chainlink Standard to further Ripple USD (RLUSD) utility and access in DeFi. With the Chainlink standard, Ripple can provide the RLUSD ecosystem access to high-quality off-chain data through Chainlink’s infrastructure, which has facilitated over $18 trillion in transaction value.
RLUSD, issued on the XRP Ledger (XRPL) and Ethereum blockchains, is natively composable with smart contract applications such as those seen in DeFi.
RLUSD initially launched on Uphold, Bitso, MoonPay, Archax and CoinMENA, with additional listings following on platforms such as Bullish and Bitstamp. Ripple President Monica Long expects to see the RLUSD stablecoin on more platforms "imminently" while predicting an XRP ETF soon.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Vladislav Sopov
Yuri Molchan
Dan Burgin