Ripple Mints 1M More RLUSD Tokens, Market Cap Nears $110M

Ripple, a blockchain company based in San Franciso, has minted an additional 1 million RLUSD tokens, according to recent data from the @RL_Tracker account.

Earlier this month, Ripple also minted 2 million RLUSD tokens on February 1. The company’s dollar-pegged stablecoin, RLUSD, surpassed a $100 million market cap in January.

Ripple CEO Brad Garlinghouse celebrated this achievement. Jack McDonald, Ripple’s SVP of stablecoins, mentioned that stablecoins have gained “amazing traction.”

Currently, RLUSD has a market cap of close to $110 million, according to CoinGecko. Ripple President Monica Long emphasized that trust and compliance are essential in the growing stablecoin market. She explained that RLUSD is a natural development for Ripple, bridging traditional finance with blockchain.

Ripple’s RLUSD stablecoin has already been listed on exchanges like Bitstamp, and more listings are expected.

The recent AMMClawback amendment on the XRP Ledger now allows RLUSD to be used in decentralized finance (DeFi) pools, with the ability to recover tokens if they are misused. The XRP/RLUSD pool currently holds $1.3 million in liquidity.

The RLUSD stablecoin went live on global exchanges on December 17, 2024, after receiving regulatory approval from the New York Department of Financial Services (NYDFS).