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Data shared by the Ripple Stablecoin Tracker X account (@RL_Tracker) reveals that, over the past week, the Ripple Treasury has minted zero RLUSD coins.
No RLUSD added to circulation in past week
The last minting was reported by Ripple Stablecoin Tracker on April 25, when the Treasury created two batches containing 11,500,000 RLUSD each and one of 15,000,000 RLUSD. Before that, 15,000,000 RLUSD were burned by the Treasury. Thus, within just 24 hours, Ripple created 38,000,000 XRP.
Prior to issuing those stablecoins, Ripple had also minted 12,000,000 RLUSD in a single transaction and then burned it. After the April 25 minting, there has been silence so far.
According to recent data provided by Arkham, the overall supply of this recently launched stablecoin has reached 317,042,711.84 RLUSD. Most of it (about 70%) has been issued on the Ethereum chain, rather than on the XRP Ledger.
Over the past two months, Ripple has taken pauses in minting RLUSD quite regularly, and they have lasted two or even three weeks since Ripple is injecting new coins into circulation gradually, with no rush. By now, RLUSD has reached $316.88 million in market capitalization, and it sits in 217th place.
RLUSD added to Ripple Payments
Ripple has expanded the utility of RLUSD by adding its new product to its Ripple Payments network, which was earlier known as On-Demand Liquidity (ODL).
Initially, the stablecoin was meant to be used by enterprises and was made as a “golden standard stablecoin” for them. But later, Ripple decided to expand its utility by adding it to Ripple Payments frequently used by retail customers for remittances, along with XRP.
Besides, RLUSD has been increasingly used as collateral on DeFi platforms and centralized finance applications, as well as by nonprofit organizations for accepting donations. RLUSD is already available for trading and purchasing on such major crypto exchanges as Kraken, LMAX Digital, Bitstamp, Bullish and Zero Hash.
Ripple locks 700 million XRP in escrow
Earlier today, Ripple, the crypto behemoth, was spotted transferring 700,000,000 XRP to escrow. This took place before the regular monthly operation of unlocking 1,000,000,000 XRP, which recently shifted from the first to the third day of a new month.
Seven hundred million XRP are usually locked back in after one billion XRP is released. But not this time.
Vladislav Sopov
Dan Burgin