Ripple has increased the supply of its stablecoin, Ripple USD (RLUSD), by minting an additional 600,000 tokens. The update, announced by the Ripple Stablecoin Tracker account on the X social media network, reflects Ripple’s ongoing efforts to strengthen the presence of RLUSD in the competitive stablecoin market.
RLUSD is backed by a reserve of approximately $83 million, with $77.2 million issued in RLUSD. This configuration indicates an over-collateralization ratio of 7%, which raises confidence in the solidity as well as stability of the token.
Ripple is expected to release its first attestation report soon, revealing information about the nature of backing assets. It is due within a month of the public launch of the stablecoin to meet the firm’s regulatory obligations on such products.
Also Read: Ripple Introduces RLUSD Stablecoin Backed by Over a Decade of Blockchain Expertise
Market Performance and Trading Activity
RLUSD, created last month after receiving blessings from New York’s financial authority, is already widespread. It currently has a market capitalization of $72 million, ranking it the 721th largest cryptoasset.
In the past 24 hours, RLUSD traded at about $ $42,402,500 million. It is currently listed in Bitso, Bullish, Mercado Bitcoin, Sologenic, and more exchanges to be announced soon.
Source: coingecko
RLUSD is mainly aimed at enhancing the Ripple ecosystem domains, as Ripple President Monica Long highlighted, with the opportunity to improve the usefulness of XRP. The stablecoin targets the growing need for reliable and transparent coins that comply with the legislation to fill the lack of it in comparison with competitors, such as Circle, USD Coin, and Tether.
Ripple’s Strategic Focus on Compliance and Growth
Ripple’s approach to RLUSD underscores its emphasis on regulatory compliance and transparency. These priorities are crucial as the stablecoin competes for a larger share of the growing market. Ripple aims to build trust among investors and regulators by ensuring over-collateralization and providing regular attestation reports.
Conclusion
Ripple continues expanding its stablecoin offering, and RLUSD has shown promising initial performance. With strong backing reserves and growing market activity, Ripple’s stablecoin is poised to strengthen its foothold in the competitive digital asset landscape. The upcoming attestation report will be a key milestone in validating the token’s stability and transparency.
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