According to the latest information from the Ripple Stablecoin Tracker account, the blockchain company Ripple has continued to mint an additional 600,000 RLUSD tokens. As of now, Ripple is maintaining a reserve of about 83 million USD, while the total value of RLUSD issued has exceeded 77.2 million USD. This means that the current collateralization ratio of RLUSD is approximately 7%.
This month, Ripple is expected to release the verification report, revealing the asset composition supporting this stablecoin. Previously, the company committed that the first report would be released within 30 days of RLUSD's official launch.
RLUSD was warmly welcomed last month, after receiving important approval from regulators in New York State. This stablecoin currently has a market capitalization of 72 million USD, ranking 721st in the cryptocurrency rankings and recording a trading volume of up to 41 million USD in the past 24 hours. This token is currently available on trading platforms such as Bitso, Bulish, Mercado Bitcoin, and Sologenic, and is expected to be listed on many other exchanges in the near future. This stablecoin product was first announced by Ripple in April.
Monica Long, President of Ripple, recently asserted that RLUSD will set a new standard for stablecoins, particularly emphasizing the regulatory compliance aspect of this token. The goal of RLUSD is not only to enhance Ripple's ecosystem but also to promote the utility of the XRP token. At the same time, RLUSD will face strong competition from major rivals such as Circle and Tether in the race for market share in the rapidly growing stablecoin market.
Ripple CEO welcomes 'the most pro-crypto U.S. Congress' in history
The 119th U.S. Congress has officially been sworn in, with the Republican Party controlling both chambers for the first time in six years. Mike Johnson, receiving strong support from Donald Trump, was re-elected as Speaker of the House of Representatives on the first ballot with a vote of 218-215 on Friday.
Many members of the crypto community quickly expressed their support for the new administration, even before Donald Trump's inauguration at the end of this month, including the CEO of Ripple.
Right after the election in early November, Brad Garlinghouse pointed out that cryptocurrency projects based in the United States would greatly benefit from Trump's victory, especially as the Biden administration and the SEC have taken strong actions to suppress many businesses in the industry. This is clearly reflected in the strong growth of assets like XRP and ADA.
In addition, reports have begun to emerge showing that Garlinghouse, along with Charles Hoskinson of IOG, has had meetings with Trump or members of his team to discuss their involvement in building a new regulatory framework for the crypto industry. Although these rumors have never been officially confirmed by Garlinghouse, he has not hesitated to praise the incoming administration, especially the Republican-controlled Congress, which he believes to be the 'strongest pro-crypto administration in history.'
The XRP community is particularly focused on changes within the SEC, the agency that initiated the four-year legal battle with Ripple. This lawsuit remains unresolved during Chairman Gary Gensler's term. However, with Gensler set to leave his position in just a few weeks and the choice of a pro-crypto candidate for the SEC chairmanship by Trump, the crypto community is hopeful for a favorable and quicker resolution to this lawsuit.
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