13 Million RLUSD Ready to Hit Market After Ripple’s Fresh Minting: Details

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As a seasoned researcher with a decade of experience in the cryptocurrency market, I find the recent development with Ripple‘s new stablecoin – RLUSD – nothing short of intriguing. With over 13 million RLUSD minted within a day and regulatory approval from NYDFS, it seems that Ripple is set to make waves in the already crowded stablecoin market dominated by Tether (USDT) and USD Coin (USDC).

According to data from Ripple Stablecoin Tracker account, Ripple has produced over 13 million units of its latest product, the RLUSD stablecoin, within the last 24 hours.

Following regulatory approval, the San Francisco-based blockchain giant will soon initiate trading of RLUSD on numerous digital currency platforms.

💵💵💵💵💵💵💵 10,399,000 #RLUSD minted at RLUSD Treasury.

— Ripple Stablecoin Tracker (@RL_Tracker) December 12, 2024

13 million RLUSD minted by Ripple

According to the data source on the X platform, it was reported earlier today that the RLUSD Treasury issued two large quantities of Ripple USD stablecoins: 10,399,000 and 2,600,000 RLUSD. In addition to these larger amounts, there were also several instances where 100,000 RLUSD were minted each.

💵💵💵💵💵💵 2,600,000 #RLUSD minted at RLUSD Treasury.

— Ripple Stablecoin Tracker (@RL_Tracker) December 12, 2024

3 days have passed since the New York State Department of Financial Services (NYDFS) granted approval for the launch and trading of RLUSD by Ripple. Since then, Ripple’s CEO Brad Garlinghouse has announced in a public statement that the stablecoin will be introduced to the cryptocurrency market “in the near future.

To begin with, Ripple announced that their stablecoin would debut on both the XRP Ledger and Ethereum network. However, Justin Sun, founder of Tron and a prominent figure in cryptocurrency, has dropped a hint suggesting that RLUSD could potentially become available on the Tron blockchain as well. He did not offer any specifics, leaving the crypto community to speculate.

Ripple’s bright RLUSD prospects

Currently, the world’s stablecoin market stands at around $196 billion, led by major players like Tether (USDT) and USD Coin (USDC). Much like Tether, Ripple’s upcoming stablecoin will be tied to the U.S. dollar and supported by assets such as cash reserves and short-term U.S. government bonds.

In simple terms, Ripple, a major player in digital currency based in San Francisco, plans to employ RLUSD for facilitating cross-border transactions. This move is aimed at enhancing liquidity and providing hassle-free entry points and exits for both cryptocurrencies and traditional fiat money. Ripple expresses confidence in the potential of this new product in a rapidly growing market. Experts predict that by 2028, the stablecoin market could surge from its current $196 billion to an impressive $2.8 trillion.

In addition, it’s anticipated that stablecoins will witness broader and more substantial adoption across both conventional and decentralized financial sectors. If this occurs, it could significantly broaden Ripple’s opportunities within this highly competitive landscape.

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2024-12-13 13:07