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.
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.
The first week of July brings several important developments in the United States that could influence both traditional markets and the cryptocurrency sector.
Ric Edelman, one of the most influential voices in personal finance, has radically revised his stance on crypto allocation. After years of cautious optimism, he now believes that digital assets deserve a far larger share in investment portfolios than ever before.
In the case involving Terraform Labs and its co-founder Do Hyeong Kwon, the defense has asked the Federal Court for the Southern District of New York to extend the deadline for pretrial filings by two weeks, pushing it beyond the original date of July 1, 2025.
BNB Chain is set to upgrade the BNB Smart Chain (BSC) by cutting the block time in half, from 1.5 seconds down to 0.75 seconds.