Ripple continues to expand its presence in the stablecoin market, recently minting additional RLUSD tokens and making strategic acquisitions.
Creation of Additional RLUSD Tokens
Ripple has created an additional 350,026 Ripple USD (RLUSD) tokens, marking the first minting event in more than a week. Last week, the company minted a record-breaking 100 million RLUSD tokens. The total market cap of the token is currently approaching the $300 million mark, according to CoinGecko data.
Merger with Hidden Road
Recently, Ripple announced the acquisition of Hidden Road for $1.25 billion. This deal is expected to benefit RLUSD, as it will be used as collateral in various products offered by the prime brokerage.
RLUSD on Kraken Exchange
Earlier this month, Ripple's stablecoin became available on Kraken, one of the leading exchanges in the world. The company believes that RLUSD will eventually be able to appear among the top five biggest stablecoins by the end of this year.
With the latest updates, Ripple strengthens its position in the stablecoin market and plans further steps to enhance the significance of RLUSD.
