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Ripple USD stablecoin, RLUSD, is gaining traction, inching closer to a $500 million market cap milestone. According to a recent tweet by Ripple Stablecoin Tracker, a community X account that tracks the minting of RLUSD, 10 million RLUSD was minted in just the last 24 hours through the RLUSD Treasury, indicating rising demand.
With recent mintings, RLUSD now holds a market value of approximately $415.72 million, according to CoinMarketCap data, placing it among the fastest-growing entrants in the stablecoin space.
As Ripple's ecosystem evolves, particularly since its expansion into institutional payments and real-world asset tokenization, RLUSD appears to play a key role.
In recent news, Ondo Finance's flagship short-term U.S. Treasuries fund, OUSG, is now available on the XRPL, with minting and redemptions to be conducted through Ripple's stablecoin, RLUSD.
Stablecoins in spotlight
Stablecoins are in the spotlight following the passage of landmark stablecoin legislation in the U.S. Senate on Tuesday, and large retailers have expressed interest in exploring stablecoins for use as payments in online transactions.
If the GENIUS Act is passed into law, stablecoins must be backed by liquid assets such as U.S. dollars and short-term Treasury bills, and issuers must publicly declare the composition of their reserves regularly. According to observers, if implemented, it might serve as a stimulus for additional organizations across sectors to adopt stablecoins.
Stablecoins, a sort of cryptocurrency meant to keep a steady value, are commonly used by crypto traders to transfer payments between tokens. They are typically tied 1:1 to the U.S. dollar.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team