Ripple minted 5 million RLUSD tokens on Ethereum, increasing total July issuance to 77.5 million.
Stablecoin RLUSD earned an A rating from Bluechip, becoming the top-rated token in its category.
Ripple selected BNY Mellon to safeguard RLUSD reserves, supporting transparency and regulatory compliance.
Ripple has minted an additional 5 million RLUSD tokens on the Ethereum blockchain, marking a significant increase in the stablecoin's supply this month. According to CoinGecko data, the total market capitalization of RLUSD has reached approximately $533 million, positioning it as the 176th largest digital asset in the cryptocurrency market.
Finally, in this latest issuance, the RLUSD tokens minted in July amount to 77.5 million. This rise in the issue of tokens follows the already established growth mode of Ripple concerning its stablecoin offering that appears to be of an enterprise grade. RLUSD is created to be pegged 1:1 with the US dollar and is secured by reserves that are in custody.
Bluechip Gives Stablecoin the Highest Rating
In recent years, RLUSD has received quite a significant piece of support in the form of its rating by an independent stablecoin rating agency, Bluechip. The agency has given the token an initial rating of A, which is currently the highest rating that has been assigned to any stablecoin that is currently covered by the firm. The rating has led the way to greater confidence among investors and a favorable attitude in the market.
https://twitter.com/RL_Tracker/status/1947400856082514159
In early May, Ripple named BNY Mellon to secure funds that support RLUSD. The financial institution is globally renowned as the best custodian of securities and carries extra authenticity on the stablecoin framework by Ripple. The decision strengthens the goal of this company to be transparent and follow applicable regulations in the digital assets realm.
Attribution of GENIUS Act Support
The further evolution of RLUSD is also connected to the fact that the GENIUS Act was signed recently. Ripple has come out to support the bill, as it will create regulatory certainty for stablecoins in the United States. When compared to the main trends in the industry, the bill was labeled historic by their CEO, Brad Garlinghouse, who stressed its significance to the wider digital asset ecosystem.
The post Ripple Mints More RLUSD as Market Cap Surpasses $500 Million appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
