Ripple Labs Mints Fresh 2,008,333 RLUSD Stablecoin As Demand Soar

The community-backed Ripple Stablecoin tracker for Ripple Lab’s USD has spotted the mint of a massive quantity of RLUSD.

Precisely, the RLUSD Treasury issued 2,008,333 units of RLUSD within 24 hours. This latest development reflects the continued growth of RLUSD.

Also, it highlights the increasing demand for the Ripple stablecoin, especially with its launch only a few weeks back.

Current Ripple Labs’ USD Supply: CMC Data

Several huge mints have been reported in the last few weeks following the launch of RLUSD on Ethereum and XRP Ledger.

Just two days ago, 5,868,226 RLUSD were minted at the RLUSD Treasury in two tranches. The first featured a mint of 5,178,226 RLUSD, and the second included a 690,000 RLUSD.

The sustained minting of Ripple Labs’ USD comes at a time when there is general hype surrounding stablecoins.

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Markedly, its launch on global exchanges is just about a month old, but its supply has increased significantly in this short time.

According to CoinMarketCap data, RLUSD currently has a total supply of 53.1 million, but this has not stopped the demand for the stablecoin from soaring.

Its trading volume is equally on a positive trajectory. This metric has grown by 21.83% in the last 24 hours, pegged at $170.18 million.

Among its many milestones on the stablecoin, Ripple partnered with Chainlink (LINK) to integrate RLUSD stablecoin pricing data on-chain.

This collaboration aims to enhance the utility and adoption of the USD-denominated stablecoin.

By leveraging Chainlink’s robust infrastructure, Ripple hopes to solidify RLUSD’s position in the Decentralized Finance (DeFi) markets.

Chainlink provides Ripple with standards that can deliver the RLUSD ecosystem with access to high-quality off-chain data through Chainlink’s infrastructure.

Already, Chainlink boasts of facilitating over $18 trillion in transaction value. This makes the oracle a trusted name and makes RLUSD a trusted stablecoin with multi-chain security and interoperability.

The Primary RLUSD Stablecoin Uses Case

RLUSD use on several exchanges as a bridge currency for traders is currently, but gradually gaining traction.

The USD-pegged stablecoin went live on Uphold, MoonPay, CoinMENA, ArchaxEx, and Bitso at its launch.

At launch, Ripple CEO Brad Garlinghouse announced it would go on other top platforms in the future.

In a matter of a few days, Ripple Labs’ USD went live on Independent Reserve, pushing the stablecoin into Korean ears.

Similarly, Charles Hoskinson has confirmed that talks are underway with Ripple about integrating the stablecoin into the Cardano ecosystem.

Implication for XRP Price

At the time of this writing, XRP price traded at $3.17 following a 1.84% slump in price within 24 hours.

This price action suggests that the outstanding mint of RLUSD may not have positively influenced the price of XRP.

Noteworthy, this does not disregard the slight rebound and price gain the Ripple-associated coin recorded over the past month.

Some critics still argue that the correlation between RLUSD and XRP is deepening, which may boost the use of XRP.

Analysts are optimistic about the price trajectory of the coin. A few forecasts suggest the XRP price will rally to $6 in the coming months.

For now, crypto analysts continue to emphasize XRP’s undervaluation, with a likelihood of reclaiming its past ATH