Ripple has minted 13 million RLUSD, taking its stablecoin closer to the $500 million market cap milestone. The transaction was detected on Etherscan and posted by Ripple Stablecoin Tracker on X, indicating that the new tokens were transferred to a familiar liquidity address, alluding to increasing usage.
RLUSD, launched to compete with USDT and USDC, is designed for payments, trading, and on-chain liquidity. This latest mint shows Ripple’s clear push to gain a bigger slice of the stablecoin market. Just two days earlier, Ripple minted another 10 million RLUSD, and now the total market cap has reached $428.7 million.
According to market observers, RLUSD may soon break the half a billion dollar mark within a matter of weeks at the current rate. The achievement of such a level might indicate the increase of trust and potential interest of institutional players.
The on-chain data shows that the RLUSD is distributed well among wallets with no single wallet having an excessive proportion. This proves the fact that RLUSD is gaining momentum in different DeFi platforms and exchanges.
The wallet receiving the 13 million tokens has previously handled similar-sized transactions, suggesting the funds may be heading to centralized exchanges or major DeFi protocols.
Since stablecoins are increasingly becoming a part of the crypto economy, the swift growth of RLUSD by Ripple is an indication of intent. A market cap of 500 million dollars will not be a figure anymore, but it may be the time when RLUSD will be a real contender in the stablecoin world.
Also Read: How the GENIUS Act Could Benefit Ripple’s RLUSD, USDC, USDT