Ripple has minted 50 million RLUSD tokens on the Ethereum platform, marking the largest single-batch stablecoin issuance. This move significantly increased RLUSD's market cap, with Ripple aiming to become one of the world's leading stablecoins.
RLUSD Issuance and Market Impact
In March, Ripple in total minted 61.3 million RLUSD tokens, with 50 million in a single transaction. This boosted RLUSD's market cap to $243 million, demonstrating the dynamic growth of the token.
Stablecoin Market Competition
Despite significant growth, RLUSD still lags behind its major competitors. PayPal’s PYUSD has a market cap of $753 million, Circle’s USDC is at $60 billion, and Tether leads with nearly $143 billion.
Expansion of RLUSD Use
RLUSD is gaining traction beyond DeFi. Mercy Corps Ventures, for instance, is one of the organizations using this stablecoin. Data from IntoTheBlock confirms RLUSD's accelerated adoption.
Ripple is significantly increasing RLUSD's presence in the stablecoin market and aims to reach the top 5. Increasing market cap to $3 billion is the company's next target.
