Enterprise blockchain company Ripple has minted an additional 28.2 million Ripple USD (RLUSD) tokens over the past 24 hours.
According to CoinMarketCap, the total market capitalization of the token currently stands at $169.69 million following the most recent update. The supply of the token has more than doubled in less than two months.
As reported by U.Today, RLUSD was launched in December after securing the required regulatory approval.
The highly regulated stablecoin is currently available on Ethereum and the XRP Ledger. It is meant to compete with such giants as Circle's USDC, which currently has a market cap of $58.8 billion.
Ethereum accounts for the vast majority of the available tokens. As of now, 125.64 million RLUSD tokens have been minted on ETH and 44.05 million on the XRPL. The token is expected to appear on additional chains in the future.
Dan BurginEarlier this month, the company minted 9.1 million RLUSD tokens.
The cryptocurrency is currently available on such major exchanges as Bullish and Bitstamp. However, it is not clear when it will show up on such major trading platforms as Coinbase and Kraken.
Will SBI use RLUSD?
SBI VC Trade, a subsidiary of Japanese financial giant SBI Holdings, has now registered as a stablecoin broker in Japan. They are betting big on Circle's USDC stablecoin, whose circulation is expected to increase to 100 billion yen within three years.
It is not clear when the long-time Ripple partner could decide to use the RLUSD stablecoin in the future, but it seems like RLUSD does not have the required level of liquidity for now. Still, it is possible that SBI could open for multiple stablecoins.
Vladislav Sopov
Dan Burgin