Oh, dearest reader, do gather ’round the digital hearth as I regale you with the tale of Ripple, that plucky San Francisco blockchain outfit, minting a simply staggering 50 million RLUSD tokens on Ethereum. The largest single-batch mint to date, I daresay, and by a country mile!
But wait, there’s more! In the month of March alone, they’ve conjured up a further 61.3 million tokens. On the 17th, no less than 28 million RLUSD tokens were birthed into this digital world. My, my, what a busy bee Ripple has been!
According to the ever-so-wise CoinGecko, the market cap of RLUSD has swelled to a hearty $243 million. But fear not, gentle reader, for this stablecoin, launched but a few short months ago, still has mountains to climb before it can challenge the titans of the industry.
In the grand scheme of things, PayPal’s PYUSD boasts a market cap of $753 million, Circle’s USDC a cool $60 billion, and Tether is fast approaching the dizzying heights of $143 billion. A mere pittance, I’m sure you’ll agree.
However, as U.Today so delightfully reports, RLUSD has the highest volume-to-market cap ratio. Credit where credit is due, especially with Peter Thiel’s cryptocurrency exchange Bullish leading the charge in trading activity. How utterly thrilling!
Ripple CEO Brad Garlinghouse, a man of grand ambition, has set his sights on a top 5 placement for RLUSD among stablecoins by year’s end. To achieve such a feat, they’ll need to amass a market cap of over $3 billion. Dai (DAI), the fifth-largest stablecoin, currently sits at $3.2 billion. A pip, a mere pip!
Jack McDonald, the SVP of Stablecoin at Ripple, has let slip that the stablecoin is growing faster than even they anticipated. It’s not just for DeFi liquidity pools, oh no! Even NGOs like Mercy Corps Ventures are getting in on the act. How very charitable!
Analytics firm IntoTheBlock has decreed that RLUSD is poised to become a major player in the stablecoin space. With all this traction, one might even say it’s becoming the belle of the ball. 🎉
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2025-04-01 08:37