Ripple Bolsters RLUSD with Mint Platform and Network Expansion
Ripple's dollar-backed stablecoin RLUSD has seen two significant developments in an effort to boost its usage and growth. Firstly, Ripple launched Ripple Mint, a platform that enables institutional customers to create, redeem, bridge, and track RLUSD through a web dashboard or direct integration. This automated platform streamlines the process of minting RLUSD, making it easier for institutions to manage their token holdings.
The second development is the expansion of RLUSD to additional networks, including the XRPL EVM sidechain, Base, Optimism, Ink, and Unichain. This move allows RLUSD to circulate on a broader range of platforms, potentially increasing its usage and adoption.
Ripple has also made a strategic investment in compliance network Notabene, which places RLUSD inside its business-payments platform. This integration aims to encourage institutional use of the token for real transaction volume, addressing the issue that despite rising holder counts and active addresses, RLUSD's market cap and monthly transfer volume have declined.
RLUSD currently has a market value of approximately $1.5 billion, with its supply divided almost evenly between the XRP Ledger and Ethereum. While the token's user base is expanding, its market cap slipped nearly 5% over the past month, and monthly transfer volume fell by about 25%. This suggests that RLUSD is accumulating holders but not generating significant transaction volume.