Ripple’s RLUSD Stablecoin Reaches New ‘Huge Milestone’

According to data provided by CryptoQuant, the total supply of the Ripple USD (RLUSD) token has now surpassed $120 million. 

This has been described as a “huge milestone” considering that it is a highly regulated stablecoin. 

As reported by U.Today, RLUSD surpassed the $100 million milestone in January shortly after its launch. 

According to the Ripple Stablecoin Tracker social media account, the company minted 1.05 million tokens on Feb. 10. 

The XRP Ledger is gaining ground  

Following its launch, RLUSD’s growth was mainly concentrated on the Ethereum blockchain. Later, however, it started to gain more traction on the XRP Ledger.

As of now, Ethereum-based RLUSD tokens still account for the vast majority of the current circulating supply. 

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The stablecoin could potentially expand beyond these two chains. As reported by U.Today, Cardano founder Charles Hoskinson stated that he was working on RLUSD integration. 

New listings 

The regulated stablecoin was launched last month after obtaining the necessary regulatory approval. 

It has already been listed on several major trading platforms, including Bitstamp. As reported by U.Today, it also landed on Revolut and Zero Hash earlier this February. 

The current stablecoin leaders 

Even though RLUSD’s initial milestones are quite impressive, it is extremely far from catching up with the current stablecoin leaders.

Circle’s USDC, which is also believed to be a highly regulated stablecoin, currently has a market cap of $56.5 billion. 

The market cap of Tether’s USDT, the current market leader, has surpassed $142 billion.