Ripple's RLUSD Stablecoin Has Gained Attention. It Has Over $100M Minted Since April 1

Ripple's RLUSD stablecoin has gained attention. Over $100 million has been issued since April 1. This surge shows rising demand.

" A new analysis from TokenInsight shows that, as of April 1, over $100 million in Ripple USD (RLUSD) has been issued.

The stablecoin, which is pegged 1:1 to the U.S. dollar and backed by cash reserves and U.S. Treasuries, is used on the XRP Ledger and the Ethereum blockchain.

It is maintained by Ripple, which also added RLUSD to its official payments product.

Payment providers BKK Forex and iSend are among the first to integrate RLUSD into their services.

On Tuesday, April 2, Ripple announced the minting of $50 million in RLUSD from the RLUSD Treasury. Later that day, another $50 million was minted.

This rapid issuance in a 24-hour period showcases the strong demand for the stablecoin.

Issues Count LXR Issue Address Amount TX Time Miner 0 4066962 50,000,000 2024-04-02 07:15:16 PHOTON_MAINNET 1 4067040 50,000,000 2024-04-02 12:40:06 PHOTON_MAINNET Could RLUSD shake up the crypto market?

This development could impact the broader crypto market. As major cryptocurrency put a focus on expanding into the Web3 space, smaller coins like XRP may face selling pressure.

Moreover, any event that affects large-scale institutional investors, who are increasingly entering the crypto market, could have significant consequences.

In other news, a new security feature has been added to the XRP Ledger. This feature will enable issuers to recover an issuer’s token in special cases, such as fraud, unlawful activity, or a mistaken transaction. It is part of an effort to improve compliance.

This new capability is designed to handle exceptional circumstances. In cases of fraud, unlawful activity, or a mistaken transaction, the issuer can apply for special administrative procedures to reclaim the issued tokens.

The administrative procedures will be subject to the approval of two-thirds of the entire voting members in the Commons. If approved, a system contract will be used to return the tokens to the issuer’s account.

This new feature could be particularly useful for institutional investors who are increasingly investing in cryptocurrencies. It will also benefit the XRP ecosystem as the adoption of RLUSD grows.

Increased use of the stablecoin could in turn drive more activity on XRP-based decentralized finance (DeFi) platforms, which may ultimately boost demand for XRP.