RLUSD Approaching Fresh Milestone Following Latest Mint

The total market capitalization of Ripple USD ($RLUSD) is currently hovering at $1.58 billion, CoinGecko data shows.

The red-hot stablecoin is currently just a hair's breadth away from reaching the $1.6 billion milestone following the latest 10 million mint on the XRP Ledger that took place earlier today.

$RLUSD is currently the 52nd largest cryptocurrency overall in the global market. This makes 12th largest stablecoin in circulation today.

Ripple's current standing

A few entrenched giants continue to rule the roost, but new entrants like $RLUSD are quickly carving out billion-dollar market shares.

Tether (USDT) remains the undisputed king with a staggering $183.6 billion market cap. It is followed by Circle’s USDC at $77 billion. They are responsible for the lion's share of stablecoin liquidity.

Below the top two, the market fragments into specialized and decentralized options. Sky's USDS (formerly Maker's DAI ecosystem) holds the #12 overall crypto spot with an impressive market cap of $10.7 billion. Ethena's yield-bearing USDe sits at $5.9 billion.

PayPal USD (PYUSD) currently leads the cohort of highly regulated corporate stablecoins with $4.19 billion. Recently launched assets like Falcon USD (USDF) and Global Dollar (USDG) sit just ahead of Ripple at roughly $1.73 billion and $1.72 billion, respectively.

At $1.58 billion, $RLUSD has successfully leapfrogged several established players, currently sitting ahead of Binance's BFUSD ($1.31 billion) and Tron's USDD ($712 million).

A month of massive mints

The $RLUSD Treasury embarked on a rather aggressive minting strategy in February.

The San Francisco-headquartered giant injected nearly 75 million new $RLUSD into circulation over just three weeks in February.

A massive 30 million $RLUSD was minted at the Treasury on Feb. 9. Another tranche of 20 million $RLUSD was minted and transferred to Ripple's primary distribution wallets on Feb. 19. The momentum continued later into the month.

As reported by U.Today, Ripple recently conducted its largest one-day mint ever with a total of 69 million tokens.