$USDC Ripple mints 12M RLUSD tokens ahead of GENIUS Act vote
Ripple reactivated its RLUSD minting mechanism, introducing 12 million new tokens into circulation. This follows a strategic hiatus since April, undertaken to stabilize supply and calibrate with market demand.
The mint came shortly before the US Senate votes on the GENIUS Act, a bill introducing a federal regulatory regime for stablecoins, on June 17.
The timing indicates a strategic play by Ripple to build more liquidity for RLUSD before impending regulation.
The blockchain digital payment company stopped issuing its stablecoin in April in hopes that the token would maintain its market standing and they could regulate the circulating asset count.
The firm last issued its RLUSD stablecoin on April 25, releasing two tranches of about 23 million tokens. So far, around 425.74 million RLUSD tokens are presently in circulation, per CoinMarket cap analysis.
Ripple burned some of its RLUSD tokens in May
Ripple’s decision to mint more tokens just before the GENIUS Act vote on June 17 hints at the company’s confidence in the bill’s approval and a bullish stablecoin market.
In the last few months, the firm has consistently put effort into checking its stablecoin supply. The platform burned roughly 4 million RLUSD tokens in May, taking them out of the circulating supply. Plus, it stopped minting, striking a balance between supply and demand in the market.
The company has also been working on infusing its stablecoins on several platforms. RLUSD has already been listed on several exchanges and financial platforms, including Bitget, Gemini, and Revolut, to enhance its accessibility and utility.
