Ripple, known for its faster and cheaper cross-border transactions, has minted 12 million RLUSD tokens, coinciding with a key Senate vote in the US.
Why Did Ripple Mint 12 Million RLUSD Tokens?
According to the Ripple Stablecoin Tracker, the company minted 12 million new RLUSD tokens in the last 24 hours. This move came after a month-long pause in the creation of new tokens. In April and May, Ripple had issued large amounts, reaching 38 million in a day, before taking a break to stabilize the market. The resumption of token minting may be linked to the upcoming Senate vote on the GENIUS Act, scheduled for June 17. This bill could set clear rules for stablecoins, and Ripple's actions may reflect confidence in the outcome of the vote.
What Is RLUSD?
RLUSD is Ripple’s stablecoin, designed to maintain a value equal to the US dollar. It facilitates easier transactions with cryptocurrencies, allowing users to send money and trade without worrying about price fluctuations. Most RLUSD tokens operate on the Ethereum network, but some also exist on Ripple's XRP Ledger.
RLUSD Trading Volume Up by 30%.
The return of RLUSD minting has already driven trading volume up by 30%, reaching $179 million in a single day. Currently, the total supply of RLUSD stands at about 405 million tokens, with approximately 70% on Ethereum and the rest on Ripple’s chain.
In summary, by minting new RLUSD tokens ahead of the GENIUS Act vote, Ripple demonstrates its readiness for potential regulatory changes in the US, which could be pivotal for the company and the wider market.
