The total market capitalization of Ripple USD (RLUSD) is currently hovering at $1.58 billion, CoinGecko data shows.
The red-hot stablecoin is currently just a hair's breadth away from reaching the $1.6 billion milestone following the latest 10 million mint on the XRP Ledger that took place earlier today.
RLUSD is currently the 52nd largest cryptocurrency overall in the global market. This makes 12th largest stablecoin in circulation today.
Ripple's current standing
A few entrenched giants continue to rule the roost, but new entrants like RLUSD are quickly carving out billion-dollar market shares.
Tether (USDT) remains the undisputed king with a staggering $183.6 billion market cap. It is followed by Circle’s USDC at $77 billion. They are responsible for the lion's share of stablecoin liquidity.
Below the top two, the market fragments into specialized and decentralized options. Sky's USDS (formerly Maker's DAI ecosystem) holds the #12 overall crypto spot with an impressive market cap of $10.7 billion. Ethena's yield-bearing USDe sits at $5.9 billion.
PayPal USD (PYUSD) currently leads the cohort of highly regulated corporate stablecoins with $4.19 billion. Recently launched assets like Falcon USD (USDF) and Global Dollar (USDG) sit just ahead of Ripple at roughly $1.73 billion and $1.72 billion, respectively.
At $1.58 billion, RLUSD has successfully leapfrogged several established players, currently sitting ahead of Binance's BFUSD ($1.31 billion) and Tron's USDD ($712 million).
A month of massive mints
The RLUSD Treasury embarked on a rather aggressive minting strategy in February.
The San Francisco-headquartered giant injected nearly 75 million new RLUSD into circulation over just three weeks in February.
A massive 30 million RLUSD was minted at the Treasury on Feb. 9. Another tranche of 20 million RLUSD was minted and transferred to Ripple's primary distribution wallets on Feb. 19. The momentum continued later into the month.
As reported by U.Today, Ripple recently conducted its largest one-day mint ever with a total of 69 million tokens.
Dan Burgin
Vladislav Sopov
