- $700 million milestone
- Top 5 remains out of reach
Enterprise blockchain company Ripple has minted an additional 10 million tokens, according to the most recent data.
This is the first minting event that has been recorded so far during September.
Prior to this, Ripple issued an additional 15 million tokens on Aug. 29.
Last August, the company minted a total of 60 million tokens, with the vast majority of these tokens being launched on the Ethereum network. At the same time, 20 million RLUSD tokens were burned (permanently removed from circulation) during the same period of time, meaning that there were an additional 40 million RLUSD tokens.
$700 million milestone
According to CoinGecko data, the market cap of RLUSD currently stands at $711 million.
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It took Ripple a little over a month to add an additional 200 million tokens. As reported by U.Today, the highly regulated stablecoin, which was initially launched in December, managed to surpass $500 million in total assets in late July.
Top 5 remains out of reach
As reported by U.Today, Ripple executives have repeatedly stated that they had aimed to reach the top 5 of the biggest stablecoins by the end of the current year.
However, this target remains far-fetched for the stablecoin despite Ripple’s latest minting spree.
RLUSD is on track to record PAX Gold (PAXG), which currently has a market cap of $1 billion.
Ripple’s stablecoin will also have to catch up with PayPal’s PYUSD, which currently boasts a market cap of nearly $1.2 billion.
After this, RLUSD would have to surpass six more stablecoins in order to break into the top 5, which does not seem feasible in 2025.