Ripple continues to expand its stablecoin RLUSD by minting an additional 10 million tokens. This event marks the first recorded minting in September.
September Events
So far, Ripple has conducted its first token minting event in September by issuing 10 million RLUSD. Previously, on August 29, the company released an additional 15 million tokens. Last month, a total of 60 million tokens were minted, with the majority deployed on the Ethereum network. In the same timeframe, 20 million RLUSD tokens were burned.
Market Cap Achievement
According to CoinGecko data, the market cap of RLUSD currently stands at $711 million. Over the past month, Ripple managed to add 200 million tokens, and the September minting represents a significant step toward increasing its assets, reflecting the growth of the stablecoin.
Future Goals
Ripple executives have previously stated their aim to break into the top 5 of the largest stablecoins by the end of the year. However, despite recent minting activities, this goal remains ambitious. RLUSD will need to surpass other stablecoins, such as PAX Gold with a market cap around $1 billion and PayPal's PYUSD close to $1.2 billion.
The issuance of new RLUSD tokens draws attention to Ripple's efforts to secure a higher position in the stablecoin market. However, achieving capital goals remains a complex challenge.
