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Blockchain payments firm Ripple Labs Inc has expanded the supply of RLUSD, its native stablecoin asset. According to data from Ripple Stablecoin Tracker, the company has minted 20,000,000 RLUSD on the Ethereum network.
Ripple stablecoin eyeing $2 billion milestone
Ripple has continued to drive liquidity for the RLUSD stablecoin. Thus far this week, the firm has completed two major successful token minting exercises, the first featuring 20 million RLUSD also on the Ethereum protocol.
Before these minting events, there were a series of RLUSD token burns recorded in at least three tranches surpassing 3,300,000 tokens. The goal for Ripple is to enhance liquidity for the asset at a time when stablecoin liquidity has continued to dry up due to negative market sentiment.
Should the firm manage to sustain the pace of minting, RLUSD is on track to hit the $2 billion market capitalization in the first half of this year.
As of writing time, RLUSD has a circulating supply of 1.55 billion, up by over 2% in 24 hours. This uptick reflects the ongoing minting events on the Ethereum network. Demand is arguably higher on Ethereum, setting the pace for the token’s integration in DeFi platforms across the board.
With the growth in its overall supply, RLUSD entered the top 50 list of crypto assets, displacing more established assets like Ethereum Classic (ETC).
Role of Ripple in RLUSD growth
Besides being the firm managing the minting and burning of the RLUSD stablecoin, Ripple is also its biggest promoter of the token.
Over the past few months, Ripple has unveiled a series of partnerships aimed at putting RLUSD at the forefront of institutional adoption.
One of the latest deals is that of Zand, aimed at actualizing extensive RLUSD integration in the United Arab Emirates (UAE).
While still below the dominant stablecoins on the market, including Tether (USDT) and Circle’s USDC, RLUSD has maintained a steady growth pace since its inception.
Vladislav Sopov
Dan Burgin