The trading volume of the #RLUSD stablecoin from Ripple increased by 30% ahead of a key Senate vote on stablecoins, as Ripple released 12 million RLUSD tokens. This happened before the vote on the 'GENIUS' bill, which could provide legal clarity for $RLUSD.
After the resumption of issuance, the trading volume of RLUSD increased by 30%, reaching $179 million. Ripple, known for its fast and cheap transactions, has just released 12 million RLUSD tokens after more than a month of silence.
Does this mean that Ripple is planning something grand? Why is Ripple releasing 12 million tokens now? According to Ripple's stablecoin tracker data, the company has released 12 million new RLUSD tokens in the last 24 hours. This sudden issuance occurred after Ripple paused the issuance of RLUSD for about a month.
This step was seen as a measure to stabilize the market, giving RLUSD time to gradually adapt to its role as a reliable digital dollar.
What is RLUSD?
For those unfamiliar with $RLUSD, it is Ripple's proprietary stablecoin designed to maintain a constant value in dollars. It is intended to help people send money faster, make transactions easier, and not worry about price fluctuations when using tokens. Most RLUSD tokens are on the Ethereum blockchain, but some are also on Ripple's XRP ledger. The trading volume of RLUSD increased by 30%. The resumption of RLUSD issuance boosted trading volume by 30%, reaching $179 million a day. Currently, the total volume of RLUSD is about 405 million tokens. Approximately 70% of them are on Ethereum, while the rest are on the Ripple chain. If the 'GENIUS' bill is passed, it will be a turning point in the regulation of tokens in the US, and Ripple is preparing for that moment.
