In the span of a day, Ripple has minted 23 million units of RLUSD. Here are the specifics:
Rewritten Article:
Listen up! Here's the scoop on Ripple recent move that's causing a stir in the crypto world. In the past 24 hours, Ripple dropped a whopping 23 million RLUSD, according to the data from Ripple's stablecoin tracker. This wasn't your average minting session – it was split into two separate transactions, each clocking in at 11.5 million RLUSD. And guess where it went down? At the RLUSD Treasury, the central hub for stablecoin issuance by Ripple.
What's the deal here, you ask? Well, Ripple's deep dip into the RLUSD pool demonstrates its commitment to beefing up the supply of the stablecoin, giving it the firepower to cater to the ever-growing demand in various liquidity pools, swaps, and payment channels.
Let's drill down on the details now.
You may remember that back in early April, Ripple integrated RLUSD into its cross-border payment system, Ripple Payments. But what's been going on since then?
According to Vet, an XRPL dUNL validator and co-founder of xrpcafe, who chimed in on one of the mint transactions, it could be the replenishing of the RLUSD inventory. Surprisingly, this minting event comes at an interesting time, as Ripple's RLUSD stablecoin has just gone live on Aave V3 Ethereum Market this week. This move allows Aave users to lend and borrow Ripple's RLUSD stablecoin on the lending platform's V3 Ethereum Core market, with a maximum supply and borrow cap of 50 million RLUSD and 5 million RLUSD, respectively.
Hungry for more? Ripple's RLUSD stablecoin is looking spry on the Aave V3 Ethereum Market! According to IntoTheBlock, the total RLUSD supplied on Aave has reached a new ATH of 77.3 million RLUSD.
RLUSD, the stablecoin that maintains a stable 1:1 ratio against the US dollar, can be found swaying on the XRP Ledger and Ethereum blockchains. It is backed by USD deposits, short-term US Treasury securities, and cash equivalents, with each token representing its face value in USD.
Launched globally in December 2024, RLUSD boasts a neat market cap of $317 million, as per CoinMarketCap data.
So, what gives with Ripple's continuous RLUSD minting spree, you wonder? Well, it's all part of Ripple's ongoing testing and development of its flagship stablecoin, RLUSD. Despite RLUSD gracing several exchanges, Ripple remains busy fine-tuning its product to ensure it functions smoothly across different financial systems. This extensive testing shows that Ripple isn't resting on its laurels – it's actively working to make its stablecoin a powerhouse in the crypto world.
- In a significant move, Ripple minted 23 million RLUSD tokens, divided into two separate transactions, showcasing their commitment to increasing the supply of their stablecoin for various liquidity pools and payment channels.
- Ripple's recent dip into the RLUSD pool comes amidst the token's introduction on the Aave V3 Ethereum Market, enabling lending and borrowing of RLUSD on the platform.
- Ripple Payments, Ripple's cross-border payment system, integrated RLUSD back in early April. Since then, the company has been replenishing the RLUSD inventory for future use.
- The RLUSD stablecoin, maintained at a 1:1 ratio with the US dollar, is available on both the XRP Ledger and Ethereum blockchains, with backing from USD deposits, US Treasury securities, and cash equivalents.
- The market cap of RLUSD, launched globally in December 2024, stands at $317 million, according to CoinMarketCap data.
- The stance taken by Ripple in continuously minting RLUSD is part of their ongoing testing and development process, ensuring the stablecoin functions smoothly across various financial systems.
- Aave V3 Ethereum Market users can now lend and borrow Ripple's RLUSD stablecoin, with a maximum supply and borrow cap of 50 million and 5 million RLUSD, respectively.
- It is important to note that this article contains informational content and should not be construed as financial advice. Investing in cryptocurrencies comes with inherent risks, and individuals should conduct their own research and due diligence before making any investment decisions.
