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.
It has been more than a week since the latest batch of RLUSD stablecoins was minted by Ripple blockchain giant. In this regard, the company finished March and started April on a positive note, as it minted 117,000,000 RLUSD in three batches.
A total of 17,000,000 RLUSD left Ripple’s minting digital press on March 28, followed by 50,000,000 RLUSD created on April 1, then once again 50,000,000 RLUSD was issued on April 2.
Today is April 9, and no new RLUSD tokens have been created over the past week, according to the Ripple Stablecoin Tracker account on the X platform. However, there has been a new development that may shed some light on this. Apparently, RLUSD is just about to expand its utility massively.
Yuri MolchanRipple to use RLUSD in its biggest new $1.25 billion collaboration
This week, the Ripple giant spread the word about its largest acquisition ever made (and one of the largest deals in crypto as well) as it purchased Hidden Road — a global, multi-asset top broker. The price of the deal was mind-blowing: $1.25 billion.
Ripple CEO Brad Garlinghouse commented on that deal on his X handle, saying that this is a “a once-in-a-lifetime opportunity for crypto to access the largest and most trusted traditional markets, and vice versa.”
Alex DovbnyaHidden Road has been working with the biggest hedge funds, market makers, OTC desks, etc., including Ripple itself, Garlinghouse stated. This broker has great expertise and clears $3 trillion per year for more than 300 top financial institutions around the globe.
This deal will provide a new use case for XRP and RLUSD, the CEO revealed: the stablecoin will be used as collateral in its brokerage services for top global customers. It will also include crypto trading. Ripple’s press release on this stated that this would greatly reinforce the position of RLUSD “as an enterprise-grade USD-backed stablecoin with real utility,” and it thus will be the first ever stablecoin to power efficient cross-margining between the crypto space and conventional financial markets.
Ripple President Monica Long said the following about this acquisition, stressing its high importance: “This is no small feat to achieve today,” adding that “in combination with using the XRP Ledger for post-trade settlement in the future, means the possibilities are staggering.”
Vladislav Sopov
Dan Burgin