According to U.Today, Ripple has minted over 13 million units of its new stablecoin, RLUSD, following regulatory approval from the New York State Department of Financial Services (NYDFS). The San Francisco-based blockchain company is preparing to launch RLUSD on various cryptocurrency exchanges. The RLUSD Treasury recently minted two significant amounts of the stablecoin: 10,399,000 and 2,600,000 RLUSD, along with several smaller batches of 100,000 RLUSD each.
Ripple's CEO, Brad Garlinghouse, announced that the stablecoin would soon be available on the crypto market. Initially, RLUSD is set to launch on the XRP Ledger and the Ethereum blockchain. However, Tron founder Justin Sun hinted that RLUSD might also be introduced on the Tron blockchain in the future, though he did not provide further details.
The global stablecoin market is currently valued at approximately $196 billion, with major players like Tether (USDT) and USD Coin (USDC) holding the largest market shares. Ripple's RLUSD will be pegged to the U.S. dollar and backed by liquid assets such as USD reserves and short-term U.S. Treasuries. Ripple aims to use RLUSD for cross-border payments, enhancing liquidity and providing seamless transitions between crypto and fiat currencies.
Ripple is optimistic about RLUSD's potential in the expanding stablecoin market. Analysts predict that the market could grow from its current $196 billion to $2.8 trillion by 2028. Stablecoins are expected to gain broader adoption in both traditional and decentralized finance markets, which could significantly enhance Ripple's position in a competitive landscape.
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