According to an X account monitoring the release of new RLUSD, Ripple has recently issued an additional 25 million coins to enhance protocol liquidity. RLUSD has been a highly anticipated addition to the Ripple ecosystem, designed as a regulated stablecoin. Its supply is currently available on both Ethereum and Ripple’s own XRP Ledger (XRPL). At present, approximately $125 million worth of RLUSD circulates on Ethereum, and about $44 million on XRPL.
Though these figures might seem unusual, they are logical from a business standpoint. DeFi on XRPL is still in its early stages, while Ethereum remains the most liquid network for decentralized applications, despite recent declines in its native cryptocurrency’s price.
The impact of the newly minted $25 million RLUSD on XRP’s price is yet to be seen. These new coins represent about 15% of the stablecoin’s total supply. So far, they have not significantly affected XRP’s value, which is trading at around $2.32, marking a 1.6% increase in the past 24 hours.
This rise is likely linked to a general market uptrend rather than an isolated increase for XRP. However, the ongoing acceptance of Ripple’s stablecoin could act as a catalyst for XRP’s future growth, potentially generating more revenue for Ripple. With a circulating supply of around $170 million, RLUSD is far from reaching the scale of USDT or USDC, but it does present opportunities for growth.
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