XRP News: Ripple Mints 6.5 Million RLUSD After 7-Day Halt

Ripple Labs has resumed the minting of its dollar-pegged stablecoin, RLUSD, after a seven-day pause on both XRP Ledger and Ethereum. According to data from the Ripple Stablecoin Tracker, the blockchain payments firm added 6.5 million RLUSD into circulation. This latest release underscores its strategic approach to releasing RLUSD.

Ripple Labs Resumes RLUSD Minting

In a recent development, Ripple Stablecoin Tracker revealed on X that 6,500,000 RLUSD was minted at the RLUSD Treasury. The last minting occurred on March 7, with 2,300,000 RLUSD minted at the RLUSD Treasury, marking a brief halt in the stablecoin issuance.

The new minting was done on the Ethereum blockchain, one of the only two blockchains on which Ripple issues RLUSD alongside the XRP Ledger (XRPL). The increase in supply indicates rising demand, but Ripple has not provided any official statement on why it paused minting for a week or why it resumed. 

Meanwhile, Ripple’s Chief Technology Officer, David Schwartz, has confirmed that it may halt or reverse RLUSD minting. His statement follows the updates to the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. 

The GENIUS Act for stablecoins, introduced by Senator Bill Hagerty, requires token issuers to implement technology that allows them to freeze or seize funds when legally mandated.

In addition, Schwartz explained that this feature ensures compliance with regulatory obligations. 

The Stablecoin Market and the Place of RLUSD

It is worth mentioning that stablecoins have become a crucial part of the cryptocurrency market, providing traders an alternative way to hedge against market volatility.

RLUSD is still a new entrant, but the token has been experiencing steady growth. Recent data shows an increase in its trading volume, placing it ahead of some competing stablecoins, including Ethena USDe and Circle’s EURC.

With the latest minting, RLUSD’s total circulating supply has increased to approximately 141.49 million. This growth comes as Ripple continues to secure major listings for RLUSD. 

Platforms such as Revolut and Zero Hash have integrated the stablecoin, making it more accessible to users in different regions. The steady expansion suggests that Ripple is positioning RLUSD as a competitor in the growing stablecoin market.

RLUSD Stablecoin and XRP Price Outlook

The expansion of RLUSD adds more liquidity to the Ethereum protocol, which could indirectly impact XRP. 

However, the effect on XRP’s price remains uncertain. The market has been volatile, with investors closely watching regulatory developments and the possibility of an XRP exchange-traded fund (ETF) approval.

In a related XRP price analysis, crypto analyst Ali Martinez revealed that the coin could still rally to as high as $15 in this market cycle amid the recent crash.

CoinMarketCap data shows that the token’s market capitalization is $136.58 billion, up 4.84% from the previous day.