Ripple has announced the minting of an additional 5 million RLUSD tokens on the Ethereum blockchain. This move comes alongside a rise in market capitalization and recognition from independent rating agencies.
Token Minting of RLUSD
In July of this year, Ripple minted a total of 77.5 million RLUSD tokens. The recent release includes 5 million tokens, further strengthening the company's position in the market.
Market and Rating of RLUSD
According to CoinGecko data, the market cap of the RLUSD token currently stands at approximately $533 million, making it the 176th largest cryptocurrency. RLUSD received a high rating from independent agency Bluechip, with an A rating, making it the highest-rated stablecoin at this time.
Collaboration with BNY Mellon and GENIUS Act
Ripple has selected BNY Mellon to safeguard the reserves backing RLUSD. BNY Mellon is one of the leading financial institutions in the U.S. and is known as a top custodian of securities. Additionally, Ripple celebrated the passage of the GENIUS Act, which provides clear regulatory frameworks for the stablecoin sector. Ripple CEO Brad Garlinghouse has described this legislation as 'historic.'
Therefore, the development of the RLUSD token and its high ratings from rating agencies indicate Ripple's strengthening position in the stablecoin sector, supported by collaboration with major financial institutions.
