Ripple Expands RLUSD Stablecoin as Market Competition Heats Up

Ripple has minted an additional 600,000 RLUSD tokens, according to the latest update from the Ripple Stablecoin Tracker on X.

Currently, Ripple’s reserves stand at approximately $83 million, backing the $77.2 million RLUSD issued. This reflects a 7% over-collateralization for the stablecoin.

Later this month, Ripple is expected to publish an attestation report detailing the composition of the assets backing RLUSD. The company had previously stated that this report would be released within 30 days of the stablecoin’s public launch. RLUSD debuted last month with significant attention, following its approval by New York’s regulatory authorities.

CoinGecko data reveals that RLUSD currently holds a market cap of $72 million, ranking it as the 721st largest cryptocurrency.

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First announced in April, RLUSD aims to strengthen the Ripple ecosystem while increasing the utility of the XRP token. Ripple President Monica Long has emphasized that RLUSD could establish a new standard for stablecoins, particularly due to its strong regulatory compliance. However, to gain significant market share in the competitive stablecoin sector, RLUSD will need to contend with established players such as Circle and Tether.

Kosta Gushterov