Ripple mints 600,000 RLUSD tokens, maintaining over-collateralization with $83M in reserves against $77.2M issued tokens.
Gray markets continue to develop as the trading volume of RLUSD hits $41M in 24 hours within top crypto exchanges.
To improve its position and challenge Circle and Tether, Ripple’s stablecoin – RLUSD – now claims to be regulatory compliant as well.
Ripple has minted another 600,000 RLUSD tokens this is according to Ripple Stablecoin Tracker in the X social media platform. As per the company’s disclosure, this latest minting brings Ripple’s total reserves for its stablecoin to about 50% again. The company now has $83 million in reserve for $77.2 million issued RLUSD tokens and this fulfills an over-collateralization rate of 7% for the issued stablecoin.
RLUSD Buoyed by New Transactions in Crypto Marketplace
As noted in the CoinGecko database, RLUSD has a capitalization of $72 million and takes 721st place in the ranking. Also, the stablecoin was responsible for making nearly $41 million in trading volume within the last 24 hours. The token is still circulating in various premier exchange sites including Bitso, BuLish, Mercado Bitcoin, and Sologenic with more platforms to be added shortly.
Ripple's stablecoin initiative is notable for its regulatory compliance. RLUSD was launched last month after receiving critical approval from New York's financial regulator. Ripple has been very keen on its transparency and has agreed to release an attestation report this month. The next part of this report will also give a detailed description of the assets that support RLUSD, which will increase confidence among many investors and stakeholders.
Enhancing Ripple's Ecosystem
RLUSD is introduced to strengthen Ripple and increase the use of XRP currency within the framework of this ecosystem. During Ripple President Monica Long’s comments, the official pointed out their token’s ability to introduce new stables into the market. Therefore, by operating in full compliance with regulatory tolerance levels, RLUSD provides itself a competitive prospect to some of the currently eminent stablecoins such as Circle’s USDC and Tether’s USDT.
Since its launching in April, RLUSD has with time established itself in the market for cryptocurrencies. With its focus, Ripple wants to capture a large share of the increasingly stablecoin market. On this basis, RLUSD provides over-collateralized reserves and regulates market transparency which makes it fitting and reliable for users and business solutions.
The strategic formation of Ripple underlines the need to set RLUSD as the reliable and easily adopted stablecoin for the crypto market.
