The recent increase in RLUSD issuance by Ripple Labs indicates growing demand for the stablecoin, launched just weeks ago.
RLUSD Issuance: Latest Developments
Recently, RLUSD Treasury issued 2,008,333 units of RLUSD within 24 hours. Several large mints have been reported in recent weeks following the launch of RLUSD on Ethereum and XRP Ledger. The total supply has reached 53.1 million, with trading volume growing by 21.83%.
RLUSD Usage and Its Growth
RLUSD is being used as a bridge currency for traders on several exchanges, gaining popularity on platforms like Uphold, MoonPay, and CoinMENA. Ripple has partnered with Chainlink to integrate RLUSD price data to enhance its utility and adoption in DeFi.
Impact on XRP Price
At the time of writing, the XRP price is $3.17 after a 1.84% price drop. Despite the ongoing RLUSD issuance, it has not significantly supported XRP's price. However, analysts believe the price could rally to $6 in the coming months.
The issuance of RLUSD reflects an increasing interest in Ripple's stablecoin, despite current fluctuations in XRP's price. Analysts continue to monitor the developments closely.
