Ripple Labs (XRP) Has Minted a Record-Breaking 50 Million RLUSD Tokens on Ethereum

This is the largest single-batch mint to date by a large margin. On top of the aforementioned sum, the company minted a total of 61.3 million tokens in March.

San Francisco-based blockchain company Ripple has minted a record-breaking 50 million tokens on Ethereum. This is the largest single-batch mint to date by a large margin.

On top of the aforementioned sum, the company minted a total of 61.3 million tokens in March. On March 17, Ripple minted 50 million tokens for its new stablecoin, RLUSD, which is pegged to the U.S. dollar.

According to CoinGecko data, the total market cap of RLUSD has already swelled to $243 million. However, the stablecoin, which was launched in December, still has a long way to go before it catches up with its major competitors.

For comparison, PayPal's PYUSD has a market cap of $753 million. Circle's USDC stands at $60 billion, while Tether is approaching $143 billion.

That said, as reported by U Today, the stablecoin boasts the highest volume-to-market cap ratio. Peter Thiel-backed cryptocurrency exchange Bullish accounts for most of the token's trading activity.

As reported by U Today, Ripple CEO Brad Garlinghouse has stated that the company is eyeing a top five placement among stablecoins for RLUSD by the end of this year. To achieve this ambitious goal, it would need to secure a market cap of more than $3 billion. Dai (DAI), the fifth-largest stablecoin, is currently at $3.2 billion.

According to a recent report by Web3 analytics firm IntoTheBlock, the company's efforts to expand the use cases of the stablecoin are paying off.

"The company is expanding the use cases for its stablecoin with varying success. It appears to be gaining traction among institutional traders, and its integration into DeFi protocols is ongoing. Additionally, NGOs like Mercy Corps Ventures are also adopting the stablecoin."

The company is also actively working on expanding the liquidity of the stablecoin in DeFi protocols.

"The company is expanding the liquidity of its stablecoin in DeFi protocols. It appears that it is actively adding liquidity to major DEXs."

Overall, IntoTheBlock believes that RLUSD is currently positioned to become a major player in the stablecoin space based on how much traction it has been gaining.

"The company appears to be making good progress in positioning its stablecoin for success. It is expanding its use cases, securing partnerships, and building liquidity. This could lead to the stablecoin becoming a major player in the market."