The Ripple Labs blockchain payments giant appears not to have carried out any stablecoin (RLUSD)-related activity in the last 21 days. As per a post from Ripple Stablecoin Tracker on X, the last time fresh minting of RLUSD occurred was 41 days ago.
No new RLUSD minted since April despite market surge
Notably, the last recorded minting of RLUSD at the Treasury occurred on April 25, when 11.5 million RLUSD were minted. This is despite the significant uptick in crypto trading activities within the period under consideration.
For clarity, within this 41-day time frame, Bitcoin (BTC), the leading digital currency, hit an all-time high (ATH) of $111,970. Other assets registered significant movement that would have required investors to demand RLUSD for purchases.
However, with no fresh minting from Ripple, its RLUSD circulating supply may already meet its users’ demand. This could have prevented fresh minting, as the company has maintained it will be strategic in the stablecoin market.
Ripple might have deliberately limited minting to maintain price stability or control supply. Controlling supply remains crucial in a market that has established competitors like Tether’s USDT and Circle’s USDC.
Regulatory wins and exchange listings point to RLUSD growth
It is unlikely that RLUSD is losing traction among crypto users. Recent developments in the sector suggest expansion and increasing adoption.
As U.Today reported, Ripple recently gained regulatory approval from the Dubai Financial Services Authority (DFSA). This implies that RLUSD can now be used within the city’s International Financial Centre, where over 7,000 companies operate.
You Might Also Like
The development signals RLUSD’s potential in the United Arab Emirates as its adoption grows.
Meanwhile, RLUSD has been listed by another crypto exchange, Bitget. The listing is significant as users can deposit the token and transact in RLUSD/USDT or RLUSD/USDC trading pairs.
