Ripple has successfully minted 12 million units of its stablecoin RLUSD, an occurrence that follows a prolonged period of inactivity in its active issuance. This event has drawn attention to the dynamics of the stablecoin and its role within the ecosystem.
What is RLUSD?
RLUSD is a stablecoin pegged to the US dollar at a 1:1 ratio. It is primarily issued on the Ethereum blockchain and is designed to provide stability and ease of transactions, avoiding significant price swings. With RLUSD, users can make fast payments and trade without the risk of significant price changes.
Recent Changes in RLUSD Supply
In the past 24 hours, Ripple has minted 12 million RLUSD units, which came after a long period without active issuance. The last time new RLUSD tokens were added to the supply was on May 14, when 999,999 units were minted, followed by 3,000,000 later that day. In April, Ripple created three large batches totaling 38 million RLUSD in a single day.
Market and Trading Volumes of RLUSD
Following the recent minting, RLUSD trading volume surged by 30%, reaching $179 million over the last 24 hours. This resurgence in trading activities mirrors past events when trading volume jumped over 200% in May following a similar issuance.
The creation of new RLUSD units indicates Ripple's readiness to adapt to market dynamics and responds to growing demand. There is a trend of increasing trading volume, which may positively impact future operations of the stablecoin.
