Ripple has announced the minting of 12 million RLUSD tokens ahead of a significant Senate vote on the GENIUS Act, which could substantially affect the stablecoin market.
New RLUSD Tokens Released
Ripple has minted 12 million new RLUSD tokens, marking a strategic move before the GENIUS Act vote. The company paused new issuances in April and reduced the supply by 4 million tokens but is now taking steps to boost liquidity.
Market Reaction and Trading Volume
Following the minting, the total supply of RLUSD increased by 3%, and trading volume surged by nearly 30%, reaching $179 million in just 24 hours. This reflects a strong interest from traders and possible shifts in expectations in light of upcoming regulatory changes.
Significance of the GENIUS Act for the Stablecoin Market
The GENIUS Act, currently under consideration in the Senate, could be a pivotal moment for stablecoin regulation in the U.S. Its passage would significantly impact the market, potentially allowing RLUSD to establish a more robust presence in the financial sector.
Ripple's release of new RLUSD tokens reflects a strategic move to ensure liquidity in anticipation of legislative changes. The successful enactment of the GENIUS Act could play a crucial role in the development and recognition of RLUSD's stability in the financial landscape.
