Ripple has just executed the largest single mint in the history of its RLUSD stablecoin.
According to on-chain data, a staggering 69 million RLUSD was minted directly on the XRP Ledger (XRPL) today.
The 69 million tokens appear to be routed toward the Gemini exchange.
A flurry of activity
Over the past week, the RLUSD Treasury has been highly active, balancing the stablecoin’s supply with a series of multi-million dollar mints and strategic burns across both the XRPL and Ethereum networks.
On Feb. 27, 20 million RLUSD got minted on Ethereum. Roughly 10 million tokens were minted on Ethereum two days before that.
In the meantime, RLUSD’s market cap has already surpassed $1.5 billion, CoinGecko data shows.
RLUSD has experienced a massive wave of exchange integrations, institutional partnerships, and supply growth over the past several weeks.
Binance officially listed RLUSD for spot trading in late January. Initially available on Ethereum, Binance completed the technical integration to support RLUSD natively on the XRP Ledger (XRPL) in mid-February. As reported by U.Today, the exchange announced an 8.5% Annual Percentage Rate (APR) for RLUSD holders.
In mid-January, the UK-based institutional exchange LMAX Group announced a major multi-year partnership with Ripple. Integrating RLUSD as a collateral asset is part of the deal.
