Minting of Ripple USD stablecoins has been paused for now, with no new tokens being issued in the past week.
Data shared by the Ripple Stablecoin Tracker X account (@RL_Tracker) shows that, in the past week, no RLUSD coins have been minted by the Ripple Treasury.
The last minting was reported on April 25 by Ripple Stablecoin Tracker. On that day, two batches of 11,500,000 RLUSD each and one of 15,000,000 RLUSD were created by the Treasury. Prior to that, 15,000,000 RLUSD were burned by the Treasury. Within just 24 hours, 38,000,000 XRP were created by Ripple.
Before those stablecoins were issued, 12,000,000 RLUSD had been minted in a single transaction by Ripple and subsequently burned. Since the April 25 minting, no further minting has occurred.
Recent data from Arkham shows that the total supply of the recently launched stablecoin has reached 317,042,711.84 RLUSD. Approximately 70% of this supply has been issued on the Ethereum chain, rather than on the XRP Ledger.
Over the last two months, regular pauses in the minting of RLUSD by Ripple have been observed. These pauses last two to three weeks at a time. Ripple has been injecting new coins into circulation at a gradual pace, without urgency. As of now, RLUSD has reached a market capitalization of $316.88 million. This ranks it in 217th place.
The utility of RLUSD has been expanded by Ripple. It has a new product being integrated into the Ripple Payments network, previously referred to as On-Demand Liquidity (ODL).
Initially, the stablecoin was designed for use by enterprises and intended as a “golden standard stablecoin” for them. However, its utility was later expanded by Ripple. They integrated it into Ripple Payments, a service commonly used by retail customers for remittances, alongside XRP.
Additionally, RLUSD has been utilized more frequently as collateral on DeFi platforms and centralized finance applications. It is also being accepted by nonprofit organizations for donations. Major crypto exchanges such as Kraken, LMAX Digital, Bitstamp, Bullish, and Zero Hash already offer RLUSD for trading and purchasing.
Earlier today, 700,000,000 XRP was transferred to escrow by Ripple, the crypto giant. This occurred prior to the usual monthly release of 1,000,000,000 XRP. Recently, this release has been moved from the first day to the third day of each new month.
Typically, seven hundred million XRP is locked back in after the release of one billion XRP. However, this time, that was not the case.
