Ripple Labs has resumed the production of RLUSD, a stablecoin pegged to the dollar, addressing the growing market demand.
What Does RLUSD Mean for Ripple?
The latest issuance on the Ethereum blockchain highlights Ripple’s strategy to leverage dual networks for stablecoin operations. The previous issuance was significantly smaller, amounting to just 2.3 million RLUSD. Despite the resumption, no official communications about the suspension or continuation of RLUSD production have been made.
How Will This Impact the Market?
The reintroduction of RLUSD into the market may enhance liquidity, driving up trading volumes and strengthening Ripple's position among competitors. The total circulating supply of RLUSD stands at approximately 141.49 million, and its listing on platforms such as Revolut and Zero Hash ensures greater accessibility. While the issuance might indirectly influence XRP’s price, the market remains unpredictable due to volatility and regulatory uncertainties.
Ripple's recent actions indicate a calculated approach in the competitive stablecoin sector, showcasing the company's ability to adapt to market dynamics and compliance requirements.
