Ripple has minted 350,026 additional Ripple USD (RLUSD) tokens, marking its first minting event in over a week. This increase follows a record-breaking issuance of 100 million RLUSD tokens last week. With the latest minting, RLUSD’s total market capitalization is nearing $300 million, according to data from CoinGecko. The growing supply and adoption suggest that RLUSD is gaining traction in the stablecoin market.
Ripple Acquires Hidden Road for $1.25 Billion
Ripple recently finalized the acquisition of Hidden Road, a prime brokerage firm, for $1.25 billion. This strategic move is expected to boost RLUSD’s utility since the stablecoin will serve as collateral in various financial products offered by the brokerage.
Related article: Ripple Secures DFSA Approval for Regulated Crypto Payments in Dubai
Ripple has expressed confidence in RLUSD’s potential, aiming for it to rank among the top five stablecoins by the end of the year. Increased adoption, strategic partnerships, and growing market capitalization could help the token achieve this ambitious goal.
RLUSD Now Available on Kraken
Earlier this month, Kraken, one of the world’s leading cryptocurrency exchanges, listed RLUSD. This listing expands the stablecoin’s accessibility, allowing more traders and investors to utilize it in their transactions.
By increasing RLUSD’s supply and strengthening its market presence, Ripple continues to position its stablecoin as a key player in the digital asset space.
