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- Ripple sets a new record by minting 50 million RLUSD tokens on Ethereum in a single batch.
- RLUSD’s market cap hits $243 million as Ripple targets a top five spot among stablecoins.
- Most of RLUSD’s trading volume is driven by Peter Thiel-backed crypto exchange Bullish.
Ripple conducted the largest minting procedure of 50 million RLUSD tokens through Ethereum’s blockchain network. Data reviewed during March establishes this minting operation as the biggest individual stablecoin token production run within the market sector to date.
During March the blockchain company based in San Francisco produced 61.3 million RLUSD platform tokens. Ripple issued 28 million tokens during the single day of March 17.
The stablecoin RLUSD from Ripple experienced significant watershed growth in supply and usage since its initial launch in December. The CoinGecko platform reveals the total market capitalization of the token stands at $243 million.
Despite the growing supply, RLUSD still trails behind major players in the stablecoin market. Stablecoin leader Tether maintains its first position in the market with an approximate $143 billion value as Circle holds about $60 billion through USDC.
PayPal’s PYUSD stablecoin holds a market capitalization of $753 million since its recent launch. The trading volume of RLUSD continues to increase while maintaining a significant gap with its market capitalization from that leading figure.
The data from IntoTheBlock shows that RLUSD maintains the best ratio between trading volume and market capitalization. The cryptocurrency exchange Bullish drives most of its activity through its Peter Thiel-backed operations.
Ripple’s RLUSD Targets Top Five Stablecoin Position by Year-End
Ripple CEO Brad Garlinghouse has declared that his company wants to achieve placement in the top five positions among worldwide stablecoins. RLUSD must gather capital worth more than $3 billion to fulfill this achievement.
MakerDAO’s Dai operates as the fifth-biggest stablecoin bearing a capital value of $3.2 billion. In order to match this level of market capitalization RLUSD must overcome substantial obstacles in becoming the fifth largest stablecoin by year-end 2025.
Ripple maintains a positive outlook for the financial success of the token. Senior Vice President of Stablecoin Jack McDonald from Ripple recently announced that RLUSD is approaching its market growth expectations at a faster rate than predictions.
The stablecoin is gaining adoption at a wider range of platforms beyond trading exchanges. RLUSD serves DeFi liquidity pools while non-profit organizations led by Mercy Corps Ventures use it to fulfill their operations.
Ripple stakeholders together with members of the XRP community demonstrate growing interest in RLUSD throughout the past several weeks. Market analysts have paid attention to this token because of its expanding utility alongside increasing transaction activities.
Monitoring sector trends indicates that RLUSD shows indicators of becoming one of the leading stablecoin options. Ripple aims for broader usage through its continuous growth and analysts point to these metrics as indications that the trend will continue strongly.
The stablecoin market acceptance of Ripple’s RLUSD becomes stronger as the project continues to show increasing token release and integration into existing ecosystems. The company’s rapid business growth alongside rising use among customers shows they might become a significant threat to existing leading stablecoin providers.
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