San Francisco-based blockchain company Ripple has minted a record-breaking 50 million tokens on Ethereum. This is the largest single-batch mint to date by a large margin.
On top of the aforementioned sum, the company minted a total of 61.3 million tokens in March. On March 17, Ripple issued more than 28 million RLUSD.
According to CoinGecko data, the total market cap of RLUSD has already swelled to $243 million. However, the stablecoin, which was launched in December, still has a long way to go before it catches up with its major competitors.
For comparison, PayPal’s PYUSD has a market cap $753 million. Circle’s USDC stands at $60 billion while Tether is approaching $143 billion.
That said, as reported by U.Today, the stablecoin boasts the highest volume-to-market cap ratio. Peter Thiel-backed cryptocurrency exchange Bullish accounts for most of the token’s trading activity.
As reported by U.Today, Ripple CEO Brad Garlinghouse has stated that the company is eyeing a top 5 placement among stablecoins for RLUSD by the end of this year. To achieve this ambitious goal, it would need to secure a market cap of more than $3 billion. Dai (DAI), the fifth-largest stablecoin, is currently at $3.2 billion.
Jack McDonald, SVP of Stablecoin at Ripple, recently revealed that the stablecoin is growing at a faster rate than initially expected. Apart from DeFi liquidity pools, the stablecoin is also being used by NGOs like Mercy Corps Ventures.
Analytics firm IntoTheBlock has stated that RLUSD is currently positioned to become a major player in the stablecoin space based on how much traction it has been gaining.
