Ripple announced an increase in its RLUSD stablecoin supply, minting an additional 16 million tokens. This decision is part of the company's efforts to strengthen its market position and attract more investments.
Increase in RLUSD Supply
Ripple has increased the supply of its US dollar-pegged tokens RLUSD to over $440 million. This is part of the company's strategy to enhance liquidity and expand stablecoin offerings within the cryptocurrency sector.
Support from AMINA Bank
Swiss bank AMINA supports RLUSD services by offering custody and trading options. Regulated by FINMA, AMINA Bank targets high-net-worth individuals and institutions, providing access to stablecoins in a regulated environment.
Stablecoin Market and Institutional Interest
The expansion of RLUSD strengthens Ripple's market presence, increasing its visibility in global markets. Due to regulatory compliance and a focus on transparency, institutional interest is expected to grow. Myles Harrison, Chief Product Officer of AMINA Bank, stated, "We are proud to be the first bank to support RLUSD and to provide our clients with access to one of the most anticipated digital assets in the market."
The minting of additional RLUSD tokens represents a strategic move by Ripple aimed at attracting institutional investors and establishing itself in the stablecoin market. This is expected to enhance trust in the company and its products going forward.
