According to the X account that tracks the supply of newly minted RLUSD, Ripple has recently created another 25 million coins, readying the protocol for additional liquidity.
RLUSD was one of the most highly anticipated developments in the Ripple ecosystem. It’s designed to be a regulated stablecoin, and its floating supply is currently available on both Ethereum and the company’s own blockchain, the XRP Ledger (XRPL). At the time of this writing, around $125 million worth of RLUSD circulates on Ethereum and about $44 million – on XRPL.
While the numbers might appear odd, they do make sense from a business perspective. DeFi on XRPL is yet to take off, while Ethereum remains the most liquid network for decentralized applications, regardless of the recent slumps in the price of its native cryptocurrency.
But will the newly minted $25 million RLUSD affect XRP’s price? After all, they account for around 15% of the entire supply of the stablecoin. Well, they haven’t so far. XRP is trading at around $2.32 at the time of this writing, increasing by about 1.6% in the past 24 hours.
This uptick, though, is likely attributable to the general market increase at the same time, and it’s not isolated to XRP – this can be seen in the charts for all coins.
That said, a continuous acceptance of Ripple’s stablecoin is definitely a potential catalyst for future growth in XRP’s price. After all, it could generate more revenue for the company.
With a circulating supply of only about $170 million, RLUSD is nowhere near the likes of USDT or USDC, but this could also be seen as a potential growth trajectory.
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