Ripple Mints Record-Breaking Number of RLUSD Tokens

San Francisco-based blockchain company Ripple has minted a record-breaking 50 million tokens on Ethereum. This is the largest single-batch mint to date by a large margin.

On top of the aforementioned sum, the company minted a total of 61.3 million tokens in March. On March 17, Ripple issued more than 28 million $RLUSD.

According to CoinGecko data, the total market cap of $RLUSD has already swelled to $243 million. However, the stablecoin, which was launched in December, still has a long way to go before it catches up with its major competitors.

For comparison, PayPal's PYUSD has a market cap $753 million. Circle's USDC stands at $60 billion while Tether is approaching $143 billion.

That said, as reported by U.Today, the stablecoin boasts the highest volume-to-market cap ratio. Peter Thiel-backed cryptocurrency exchange Bullish accounts for most of the token's trading activity.

As reported by U.Today, Ripple CEO Brad Garlinghouse has stated that the company is eyeing a top 5 placement among stablecoins for $RLUSD by the end of this year. To achieve this ambitious goal, it would need to secure a market cap of more than $3 billion. Dai (DAI), the fifth-largest stablecoin, is currently at $3.2 billion.

Jack McDonald, SVP of Stablecoin at Ripple, recently revealed that the stablecoin is growing at a faster rate than initially expected. Apart from DeFi liquidity pools, the stablecoin is also being used by NGOs like Mercy Corps Ventures.

Analytics firm IntoTheBlock has stated that $RLUSD is currently positioned to become a major player in the stablecoin space based on how much traction it has been gaining.