3,100,000 Ripple USD (RLUSD) Minted on XRP Ledger: Details

American blockchain payments firm Ripple Labs Inc. has placed its dollar-pegged stablecoin RLUSD in the spotlight with a new minting at the treasury According to data from the Ripple Stablecoin Tracker on X, 3,100,000 RLUSD were added into circulation.

RLUSD minting resumes

According to the tracker, this release is the first from the firm in about 17 days after it minted 625,000 RLUSD on Feb. 10 and then halted the minting. Both the new and previous minting took place on the XRP Ledger, proving that the region’s stablecoin ecosystem is growing.

As one of the newest stablecoins in the industry, RLUSD has gained significant traction across the board. According to market data, the stablecoin has a total circulating supply of 53 million. When properly profiled, this newly minted token is poised to increase the supply to 56 million.

Based on daily performance, RLUSD is known to beat its rivals in the stablecoin market. The token has seen its trading volume jump by over 11% in 24 hours to $157.39 million. With this performance, RLUSD is ahead of Ethena USDe and Circle’s EURC, which have a volume of $118 million and $24.4 million, respectively.

RLUSD utility

Since its launch, Ripple Labs has been expanding its ecosystem with partnerships that can help advance the RLUSD use case. As reported earlier by U.Today, RLUSD secured a major listing on Revolut and Zero Hash earlier this month, expanding its overall accessibility in multiple regions.

The Ripple USD stablecoin boosts AMM liquidity pools on the XRP Ledger. With the recent AMM amendment deployed on the mainnet, the role of RLUSD is now even more pronounced.

As a token with a dual chain, there are ongoing talks to deploy RLUSD on the Cardano protocol. If achieved, it might set a positive new demand base for the coin amid growing competition in the stablecoin world.