Ripple Mints $10M in RLUSD as Whales Defend XRP Floor

Ripple recently minted $10 million in RLUSD stablecoins on the XRP Ledger. This issuance was part of a scheduled transaction and followed a similar move by Tether, which issued $1 billion in USDT on the Tron blockchain.

The difference in volume between these issuances is due to their distinct business models. Tether serves the mass retail market and crypto trading, where liquidity is crucial, whereas Ripple targets commercial companies through its B2B product, the Ripple Mint platform. RLUSD's market capitalization currently stands at $1.52 billion, approximately 20% below its May peaks.

Large XRP holders, or whales, have been actively moving funds in recent days, accumulating over 380 million XRP and defending the $1 level as a key support point for the token.