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☝️The Ripple blockchain trading company has issued an additional 600,000 RLUSD tokens, according to the latest update provided by the Ripple Stablecoin Tracker account on the social network X.
As of now, Ripple shows a reserve of around $83 million out of over $77.2 million issued in RLUSD.
This basically means that RLUSD has 7% more leverage than collateral.
Ripple is expected to release a certification report this month, which will reveal the composition of the underlying assets. The company previously said the first report would be released within 30 days at most of the stablecoin’s public launch. As U.Today reported, RLUSD launched to much fanfare last month after receiving key approval from New York regulators.
According to data provided by CoinGecko, Ripple USD (RLUSD) currently has a market cap of $72 million, making it the 721st largest cryptocurrency by volume. Over the past 24 hours, it has generated a total of $41 million in daily trading volume. The token is currently available on trading platforms such as Bitso, Buyish, Mercado Bitcoin, and Sologenic. It is expected to become available on more exchanges in the near future. The stablecoin product was first announced in April. Ripple CEO Monica Long recently claimed that Ripple USD (RLUSD) will be able to set a new standard for stablecoins, highlighting the token’s regulatory compliance. RLUSD aims to boost the Ripple ecosystem while also boosting the utility of the XRP token. The stablecoin will have to compete with major players such as Circle and Tether in order to capture a significant market share in the fast-growing sector.
