Ripple’s RLUSD Stablecoin Sees Growth with New Token Minting  

• However, Ripple mints 600,000 RLUSD tokens, bringing the reserves up to $83 million; significantly over-collateralized for the stablecoin. 
• RLUSD enters the market as a lightly over-collateralized, regulatory-compliant stablecoin that can supercharge Ripple’s environment and XRP utilization. 
• An attestation report will confirm RLUSD’s backing assets, following its approval by New York’s regulatory authorities and market entry last month. 

According to the latest update from the Ripple Stablecoin Tracker on X, Ripple has minted an additional 600,000 RLUSD tokens. 

Ripple’s reserves stand at approximately $83 million, backing the $77.2 million in RLUSD tokens issued. This equates to a 7% over-collateralization for the stablecoin, ensuring robust financial stability and regulatory adherence. 

Later this month, Ripple plans to release an attestation report, detailing the assets that back RLUSD. The company has committed to publishing the report within 30 days of the stablecoin’s public launch. RLUSD made its debut last month, drawing attention to its regulatory compliance and approval by New York’s financial authorities. 

RLUSD’s Market Position 

At the time of writing from CoinGecko, RLUSD possesses a market cap standing at $72 million, which means it is the 721st biggest crypto in the market. Even though it occupies only a small segment of the market, Ripple’s insistence on lobbying for regulation puts RLUSD firmly among stablecoin rivals. 

Described earlier in April as a program to bring more value to Ripple and expand the use cases of XRP, RLUSD is aimed at revitalizing customer bases and encouraging the adoption of digital assets through valuable utility. RLUSD has been described to Ripple President Monica Long as having the potential to become a new generation of stablecoins that are both compliant and fully backed. 

However, RLUSD still faces threats from old-guard stablecoin issuers such as Circle and Tether who are already well entrenched in the market. Given the above facts to dish out a big slice of market share, Ripple must harness the specialty of RLUSD alongside the compliance level. 

Ripple’s solid reserves along with the constant efforts to maintain transparency can give significant impetus to the stablecoin and its adoption.