Ripple Stablecoin RLUSD Surpasses $2.5B Valuation Amid Surge in Minting
Ripple's stablecoin, RLUSD, has surpassed $2.5 billion in valuation following a month of increased minting activity by the company. Over the past 30 days, Ripple has minted $790 million worth of RLUSD across both the Ethereum network and the XRP Ledger.
The majority of this supply activity started last week, with daily mint figures mostly below $50 million but occasionally spiking on certain days, such as $76.3 million on Sept. 21 and $130.3 million on Sept. 25.
Despite the increased minting, Ripple has also burned a substantial amount of RLUSD in the past 30 days, bringing the net supply change over this period to $152 million.
The RLUSD stablecoin's valuation now stands at $2.521 billion, making it the eighth-largest stablecoin in the market and adding over $500 million to its market cap within five weeks.