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Here’s How Much Ripple USD (RLUSD) Has Been Minted Ahead of Today’s Launch
Ripple, the US-based enterprise company behind the third-largest cryptocurrency by market cap, made headlines on December 16 by announcing that its long-awaited stablecoin is finally ready to be deployed. This milestone is expected to take place later today.
In the lead-up to this announcement, there was significant speculation and fraudulent attempts. However, CryptoQuant’s data reveals a stunning figure: almost $66 million worth of new tokens have been minted so far. It is crucial to note that the majority of these RLUSD coins reside on the Ethereum network, amounting to $52.9 million. In stark contrast, only $13.3 million have been minted on Ripple’s own XRPL.
These numbers are striking, considering the stablecoin has yet to officially be launched. As previously reported, the launch is scheduled for today following receipt of the necessary green light from the NYDFS. Yesterday, Ripple announced that RLUSD will go live tomorrow.
Furthermore, the stablecoin Advisory board has expanded its membership with Raghuram Rajan (former RBI governor) and Kenneth Montgomery (former First VP and COO of Boston’s Federal Reserve). According to Ripple, RLUSD is poised to revolutionize finance as a “stablecoin fully backed by US dollar deposits, government bonds, and ‘other cash equivalents’ with monthly third-party audits.” It will also support multiple chains, as evidenced by the minting process on Ethereum and XRPL. Additional networks are expected to follow.
RLUSD’s primary function is intended for cross-border payments, DeFi integration, and bridging between fiat and crypto. Ripple aims to enter a highly competitive and rapidly growing stablecoin market dominated mainly by Tether’s USDT and Circle’s USDC.
Source: cryptopotato.com
