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Data shared by the X Ripple Stablecoin Tracker account revealed that over the past 24 hours, Ripple has minted over 10 million units of its new product – the RLUSD stablecoin. This comes after the San Francisco-based blockchain giant received regulatory approval and is now set to start trading RLUSD on multiple cryptocurrency exchanges.
13 Million Saudi Riyals Minted by Ripple The aforementioned data source on the X platform indicated that earlier today, the RLUSD Treasury minted two massive amounts of Ripple USD stablecoins: 10,399,000 and 2,600,000 RLUSD. Apart from these two coins, several coins were minted with a value of 100,000 RLUSD each
Three days ago, Ripple received permission to launch and trade RLUSD from the New York State Department of Financial Services (NYDFS). After the news broke, Ripple CEO Brad Garlinghouse made a general comment that the stablecoin will be launched in the crypto market “soon.” Initially, Ripple stated that the stablecoin will be launched on the XRP Ledger and the Ethereum blockchain. But recently, Tron founder and crypto billionaire Justin Sun posted a hint that in the future, RLUSD may be launched on the Tron blockchain as well. He did not provide any details on this matter, leaving the crypto community confused.
Ripple RLUSD’s Bright Prospects The global stablecoin market is currently worth around $196 billion, dominated by players like Tether (USDT) and USD Coin (USDC) with the largest market share. Similar to USDT, Ripple’s stablecoin will be pegged to the US dollar and backed by liquid assets like US dollar reserves and short-term US treasuries. San Francisco-based crypto giant Ripple intends to leverage RLUSD for cross-border payments, increasing liquidity and providing seamless entry and exit for cryptocurrencies and fiat currencies. Ripple is optimistic about the potential of its new product in this rapidly expanding market. Analysts predict that by 2028, the stablecoin market could expand from its current $196 billion to $2.8 trillion. Furthermore, stablecoins are expected to gain greater and deeper adoption in traditional and decentralized financial markets, and if this happens, it will significantly expand Ripple’s prospects in a space filled with ongoing competition.#RippleNews #RLUSD $BTC $XRP $BNB
