San Francisco-based Ripple has minted the largest single batch of tokens in history, issuing 50 million tokens on the Ethereum blockchain.
Record Token Minting
Ripple recently minted a record-breaking 50 million tokens on Ethereum, surpassing all previous token batches by a large margin. In addition, the company had earlier minted 61.3 million tokens in March.
Current Market Position of RLUSD
RLUSD's current market cap is $243 million, but it still has a long way to go before catching up with major competitors. For comparison, PayPal's PYUSD has a market cap of $753 million, while Circle's USDC and Tether are over $60 and $143 billion respectively. However, RLUSD boasts the highest volume-to-market cap ratio, with the Bullish exchange playing a significant role in its trading activity.
Growth and Development Prospects
Ripple CEO Brad Garlinghouse has stated his ambition to rank RLUSD among the top five stablecoins by year-end, which would require a market cap of over $3 billion. Dai (DAI) currently holds the fifth position with $3.2 billion. Jack McDonald, SVP of Stablecoin at Ripple, revealed that the stablecoin is growing faster than expected, being used not only in DeFi liquidity pools but also by NGOs like Mercy Corps Ventures.
With the current momentum, RLUSD is poised to become a major player in the stablecoin market in the near future.
