Ripple Records Largest Single RLUSD Mint As Adoption Grows

The adoption of RLUSD in the broader market is growing, pushing Ripple Labs to mint over 9 million stablecoins in a day.

San Francisco-based blockchain company Ripple recently recorded the biggest mint since its United States dollar-pegged stablecoin RLUSD went on the XRP Ledger (XRPL). 9,100,000 RLUSD was minted at the RLUSD Treasury in 24 hours. 

9.1M RLUSD Mint Shows Stablecoin Potential 

RLUSD, officially launched in December, was designed to cater to cross-border payments, bringing ease to users. 

It also provides institutional investors liquidity and supports Decentralized Finance (DeFi) applications. There have been more prominent daily RLUSD mints in the past, but this marked the largest single stablecoin issuance since its launch. 

This development is a significant milestone for Ripple, underscoring the growing demand for the USD-pegged stablecoin. There is increasing adoption of RLUSD and its utility. Also, it demonstrates Ripple’s commitment to expanding its role in the stablecoin market. At this rate, the blockchain payment firm may secure a significant portion of the stablecoin market already dominated by Tether and Circle. 

It is primarily touted as a trustworthy stablecoin alternative for those searching for a reliable store of value and medium of exchange within the XRPL ecosystem. 

Just before launching officially, Ripple Stablecoin Tracker reported the mints of large volumes of RLUSD. On October 4, the dedicated RLUSD tracker took to X to state the mint of 10,000,000 units of the stablecoin. Other mints were 7 million, 6.3 million, 1,350,000, 50,000, 480,000, 120,000, and 200,000 RLUSD. 

Impact of Ripple RLUSD on XRP

Despite the growing demand for the new stablecoin, crypto community members are concerned about the potential impact of RLUSD on XRP. 

They believe that the presence of the stablecoin will lead to a lack of utility and relevance for XRP. However, there is a boost in overall network activity for every transaction involving RLUSD on XRPL.

This reinforces the demand for XRP as a bridge asset because liquidity providers and institutional players will seek more exposure to the coin as RLUSD adoption increases. With more liquidity, XRP becomes more enticing to traders and investors. 

Currently, XRP is trading at $2.41, corresponding with a 1.51% increase in the last 23 hours.

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