According to U.Today, Ripple has minted over 13 million units of its new stablecoin, RLUSD, after being approved by the New York State Department of Financial Services (NYDFS). This San Francisco-based blockchain company is preparing to launch RLUSD on various cryptocurrency exchanges.

The global stablecoin market is currently valued at approximately $196 billion, with major companies like Tether (USDT) and USD Coin (USDC) holding the largest market shares. Ripple's RLUSD will be pegged to the US dollar and supported by liquid assets such as USD reserves and short-term US Treasury bonds. Ripple aims to use RLUSD for cross-border payments, enhancing liquidity and providing seamless conversion between cryptocurrencies and fiat currencies.

Stablecoins are expected to be more widely adopted across both traditional and decentralized financial markets, which could significantly improve Ripple's position in the competitive landscape.

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