- Ripple minted 50 million RLUSD tokens on Ethereum, setting a new record for a single-batch stablecoin issuance.
- RLUSD’s total market cap surged to $243 million in March following multiple high-volume token mints.
- Ripple aims for RLUSD to reach over $3 billion in market cap to secure a top-five spot among global stablecoins.
San Francisco-based blockchain company Ripple has minted 50 million RLUSD tokens on the Ethereum network, marking the largest single-batch stablecoin issuance to date. This substantial mint took place in March, pushing the total number of tokens issued by Ripple during the month to 61.3 million.
On March 17, the company minted more than 28 million RLUSD. Data from CoinGecko shows the market capitalization of RLUSD has risen sharply, now standing at $243 million. This growth has occurred just a few months after the stablecoin’s launch in December.
RLUSD Volume Outpaces Market Cap
Despite having a lower market cap compared to leading stablecoins, RLUSD currently holds the highest volume-to-market cap ratio. The majority of the trading activity for RLUSD is being driven by the cryptocurrency exchange Bullish, which is backed by Peter Thiel.
Ripple’s RLUSD still trails far behind its major competitors. PayPal’s PYUSD has a market cap of $753 million. Circle’s USDC sits at $60 billion, and Tether leads with a market cap nearing $143 billion. These figures illustrate the competitive landscape Ripple must navigate.
Ripple CEO Brad Garlinghouse has shared the company’s goal to place RLUSD among the top five stablecoins by the end of 2025. To reach this level, RLUSD must increase its market cap to over $3 billion. Currently, the fifth-largest stablecoin, DAI, holds a market value of approximately $3.2 billion.
Adoption Beyond DeFi Platforms
Ripple’s stablecoin is not only being used in decentralized finance liquidity pools. It is also gaining adoption among non-governmental organizations. Mercy Corps Ventures, a humanitarian-focused NGO, has been noted as one of the users of RLUSD.
According to data from blockchain analytics firm IntoTheBlock, RLUSD is experiencing faster growth than expected. The platform indicates that the stablecoin is positioned to become a major competitor in the stablecoin sector, supported by its accelerating adoption and trading metrics.
