MEXCRipple Mints 13 Million RLUSD As Market Cap Nears $500M Milestone
Highlights
- Ripple mints 13M RLUSD, pushing supply toward $500 million milestone.
- RLUSD demand rises as Ripple expands stablecoin across DeFi and exchanges.
- On-chain data hints at growing adoption and possible institutional interest in RLUSD.
Ripple has minted 13 million RLUSD, pushing the stablecoin closer to a major market milestone. The minting event was confirmed by a blockchain transaction posted on Etherscan. Moreover, the destination wallet appears to be a known liquidity address. The data was shared by Ripple Stablecoin Tracker on X.
Ripple Pushes for Stablecoin Market Share
With this latest mint, RLUSD’s circulating supply has grown significantly. Market analysts now estimate the total supply is approaching $500 million in value. This could be a key step for Ripple in the stablecoin race.
Ripple launched RLUSD to compete with Tether’s USDT and Circle-issued USDC stablecoins. It is designed for payments, trading, and on-chain liquidity. Ripple also hopes it will become a preferred asset for DeFi apps. The growing supply shows rising demand for RLUSD across crypto platforms.
These 13 million mint shows Ripple’s commitment to scaling its ecosystem. On-chain data shows that the stablecoin’s market cap right now is $428.7 million.
However, Traders and investors are watching closely for how fast RLUSD can reach the $500 million mark. If the current trends continue, that milestone could be hit within weeks.
In addition, on-chain data shows healthy wallet distribution for RLUSD. No single address holds too large a share, which is a good sign. It also supports the view that RLUSD is gaining adoption in different sectors.
RLUSD Nears $500M Milestone, Indicating Possible Institutional Interest
Notably, the receiving address has handled similar volume of funds previously. Hence, it suggests that the funds may be intended for centralized exchanges or DeFi platforms.
The $500 million level is not just a number. It represents a point where the Ripple stablecoin may gain more legitimacy. Once it crosses that mark, larger institutional players may take notice. Ripple could also expand RLUSD into more regions and chains.
With stablecoins playing a key role in the broader financial economy, RLUSD’s rising supply matters because it hints at growing demand. Two days ago, the company minted 10 million RLUSD with analysts quick to associate the mint with the passage of the GENIUS act.
- BitMine Buys $29 Million in Ethereum as Kalshi Traders Cut $5K Price Odds to 34%
- Bitwise XRP ETF Moves Closer to Launch as Firm Submits Final S-1 Filing
- MEXC Denies Insolvency Rumors, Faces Record Withdrawals as Users Seek Proof of Solvency
- $7B Virtu Financial Holds $63M XRP as Whales Accelerate Daily Sell-Off
- Breaking: Coinbase Nears $2B Deal to Buy Stablecoin Platform BVNK
- Why Is TAO Price Skyrocketing Today?
- After 1,993% Burn Spike, Is Shiba Inu Price Set for a Major Trend Reversal?
- Pepe Coin Price Forms Multi-Year H&S Pattern as Whale Selling Intensifies
- Ethereum Price Forecast: $5K in Sight Post-Fusaka Upgrade
- Chainlink Price Eyes $25 as AllUnity Integrates CCIP for EURAU Expansion
- Sei Price Forecast: Will Robinhood Listing Spark a Rally?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
