Ripple now issues 600,000 RLUSD tokens in advance of the attestation report marking a significant development for the stablecoin.
Enterprise blockchain company Ripple has recently announced the minting of an additional 600,000 RLUSD tokens.
This update was shared via the Ripple Stablecoin Tracker account on the X social media platform.
Current Status of RLUSD
As it stands, Ripple maintains a reserve of approximately $83 million against over $77.2 million issued in RLUSD tokens.
This situation indicates that the RLUSD is currently over-collateralized by 7%, providing a buffer of security for investors and users alike.
Anticipation of Attestation Report
In the coming weeks, Ripple is expected to release an attestation report that will detail the composition of the assets backing the RLUSD.
The company has committed to publishing this report within 30 days following the public launch of the stablecoin, which has already garnered significant attention and approval from regulatory bodies, particularly in New York.
Recent Market Performance
According to CoinGecko data, RLUSD currently boasts a market capitalization of $72 million, ranking it as the 721st largest cryptocurrency.
In the last 24 hours, the token has seen a trading volume of about $41 million, indicating robust interest and activity in the market.
Availability on Trading Platforms
The RLUSD token is presently available on several trading platforms, including Bitso, Bulish, Mercado Bitcoin, and Sologenic.
Plans are in place to expand its availability to additional exchanges, which could further enhance its market presence.
Ripple’s Vision for RLUSD
Ripple initially announced the launch of RLUSD back in April, aiming to set a new standard for stablecoins.
According to Ripple President Monica Long, RLUSD is designed to enhance the Ripple ecosystem and increase the utility of the XRP token.
The company is positioning RLUSD to compete with established players in the stablecoin market, such as Circle and Tether, as it seeks to capture a significant share of this rapidly growing sector.
The recent minting of RLUSD tokens underscores Ripple’s commitment to expanding its offerings in the blockchain space while ensuring compliance with regulatory standards.
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Also Read: RLUSD Is A Massive Game Changer According To SWIFT Veteran
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