Ripple Issues 12 Million RLUSD Following a 30-Day Suspension
Fresh Spin:
Catch this! Ripple's RLUSD stablecoin pool just got a boost! According to the rip-roaring Ripple Stablecoin Tracker, the digital money mavericks have cranked out a whopping 12 million units of RLUSD over the recent 24-hour period. This comes after an extended hiatus during which no fresh RLUSD tokens saw daylight since May.
You guessed it — minting new tokens means we're seeing more RLUSD added to the pool. This usually kicks in when our friendly neighborhood exchanges aren't demanding the greenback-pegged RLUSD as much, aka a slowdown in demand. It's kinda like printing greenbacks, but on the blockchain. But rest assured, this ain't a random move; it typically happens after a hefty burn.
A quick glance back reveals the last mint took place in mid-May, with the Treasury busting out a pair of batches sporting 999,999 and 3,000,000 RLUSD tokens, respectively. Just a few weeks before that, the Treasury whipped up three humongous batches worth 38 million RLUSD in a span of a single April day.
So, what's the deal with RLUSD, anyways? It's basically a stablecoin keeping pace with the greenback on a one-to-one ratio. The Ethereum blockchain welcomes the majority of these digital dollars, with the rest chilling on Ripple's own XRP Ledger. Ripple engineered it to offer a steady means of crypto transactions, which is particularly handy for swift payments, trading, and moving money without the wild price fluctuations you'd get with traditional cryptocurrencies.
With a grand total of 425 million RLUSD coins in circulation, these numbers are slated to grow. Approximately 70% of the digital coinage is hanging out on Ethereum, while the rest finds comfort in the embrace of the XRP Ledger.
The largest surge in trading volume? That happened in May, when the RLUSD volume jumped a whopping 200% after those freshly minted tokens hit the scene. But this time, following the latest minting spree, the trading volume has surged a cool 30%, soaring to a cool $179 million in just the past 24 hours.
As for what's next? Well, BlackRock's got some exciting plans up their sleeves, apparently plotting to file for XRP and Solana ETFs in the not-so-distant future, according to reports. Keep your eyes peeled!
- The recent surge in RLUSD trading volume can be attributed to the freshly minted tokens, with a 30% increase recorded in the past 24 hours, amounting to $179 million.
- In the blockchain industry, Ripple's RLUSD stablecoin, which maintains a one-to-one ratio with the US dollar, dominantly exists on the Ethereum blockchain, while a significant portion also resides on Ripple's XRP Ledger.
- Financiers are keeping a close eye on the industry as BlackRock is rumored to be planning to file for XRP and Solana Exchange-Traded Funds (ETFs) in the near future, as per reports.
- Following a period of no fresh RLUSD tokens since May, Ripple has recently produced 12 million units of RLUSD, signaling a return to minting activities, reminiscent of the huge 38 million RLUSD batches produced in a single day back in April.
