Ripple has resumed minting its stablecoin RLUSD, adding 12 million coins to its supply in light of the upcoming GENIUS Act vote.
RLUSD Minting Resumption
Ripple, led by CEO Brad Garlinghouse, has resumed minting its stablecoin RLUSD, increasing the total supply to approximately 425 million coins. The minting had been paused previously and is now being resumed ahead of the GENIUS Act vote.
Expected Market Activity Increase
With the resumption of minting, there is an expected rise in demand from institutional investors, leading to increased activity in DeFi markets. RLUSD's trading volume surged by 30%, reaching $179 million within 24 hours.
Long-term Stablecoin Perspectives
The resumption of RLUSD minting may spark significant changes in the financial landscape, including expanded use of cross-chain stablecoins and increased demand for tokenized assets. Backed by US dollar reserves, RLUSD positions itself as a strong stablecoin solution.
In summary, Ripple's actions regarding RLUSD highlight the company's strategic focus on DeFi development and potential changes in the cryptocurrency markets in light of forthcoming regulatory shifts.
