Data shared by X account Ripple Stablecoin Tracker has revealed that over the past 24 hours, Ripple has minted more than 10 million units of its new product – the RLUSD stablecoin.
It happened after the San Francisco-based blockchain behemoth received regulator approval and is now about to kick off trading RLUSD on various cryptocurrency exchanges.
💵💵💵💵💵💵💵 10,399,000 #RLUSD minted at RLUSD Treasury.https://t.co/rWdJTjqXTf
— Ripple Stablecoin Tracker (@RL_Tracker) December 12, 2024
13 million RLUSD minted by Ripple
The above-mentioned data source on the X platform shared that earlier today, the RLUSD Treasury minted two massive amounts of Ripple USD stablecoins: 10,399,000 and 2,600,000 RLUSD. Aside from these two chunks, several were minted of 100,000 RLUSD each.
💵💵💵💵💵💵 2,600,000 #RLUSD minted at RLUSD Treasury.https://t.co/JcrErgPs1B
— Ripple Stablecoin Tracker (@RL_Tracker) December 12, 2024
Three days ago, Ripple received permission for the RLUSD launch and trading from the New York State Department of Financial Services (NYDFS). After that news went live, Ripple Сhief Executive Officer Brad Garlinghouse made a public comment that the stablecoin would go live on the crypto market “soon.”
Initially, Ripple stated that the stablecoin will launch on the XRP Ledger and on the Ethereum chain. But recently, Tron founder and crypto billionaire Justin Sun published a hint that, in the future, RLUSD might go live on the Tron blockchain, too. He provided no details about it, leaving the crypto community guessing.
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Ripple's bright RLUSD prospects
The global market of stablecoins presently boasts a value of roughly $196 billion and is being dominated by such players as Tether (USDT) and USD Coin (USDC) with the largest market share. Similarly to USDT, Ripple’s stablecoin will be pegged to the U.S. dollar and backed by liquid assets such as USD reserves and short-term U.S. Treasuries.
The San Francisco-based crypto juggernaut Ripple intends to utilize RLUSD to conduct cross-border payments, increasing liquidity and providing seamless on-ramps and off-ramps for crypto and fiat. Ripple feels optimistic about its new product’s potential in this rapidly expanding market. Analytical forecasts have it that by 2028, the stablecoin market may expand from the current $196 billion to a whopping $2.8 trillion.
Besides, stablecoins are expected to receive a bigger and deeper adoption on traditional and decentralized finance markets and this, if it happens, will greatly expand Ripple’s prospects in a space full of constant competition.