Ripple issues 13 million RLUSD, market value approaches $500 million milestone

Ripple has minted 13 million RLUSD, bringing the stablecoin closer to an important market milestone. This minting event has been confirmed through blockchain transactions published on Etherscan. Additionally, the target wallet appears to be a known liquidity address. This data was shared by the Ripple stablecoin tracker on X.

Ripple is striving to capture a share of the stablecoin market.

With the latest round of issuance, the circulating supply of RLUSD has increased significantly. Market analysts currently estimate its total supply value is close to $500 million. This could be a key step for Ripple in the stablecoin race.

Ripple launched RLUSD to compete with Tether's USDT and Circle's USDC stablecoins. RLUSD aims to facilitate payments, trading, and on-chain liquidity. Ripple also hopes it can become the preferred asset for DeFi applications. The continuous growth of RLUSD's supply indicates an increasing demand for RLUSD across various crypto platforms.

The 13 million minted coins highlight Ripple's commitment to expanding its ecosystem. On-chain data shows that the current market value of this stablecoin is $428.7 million.

However, traders and investors are closely watching when RLUSD can break the $500 million mark. If the current trend continues, this milestone could be achieved in a few weeks.

Furthermore, on-chain data shows a healthy distribution of RLUSD wallets. No single address holds an excessive share, which is a good sign. This also supports the view that RLUSD is gaining widespread adoption across different sectors.

RLUSD is approaching the $500 million milestone, indicating potential institutional interest.

Notably, this receiving address has previously handled funds of a similar scale. Therefore, this suggests that the funds may have flowed to centralized exchanges or DeFi platforms.

$500 million is not just a number. It represents a critical point at which Ripple's stablecoin may gain greater legitimacy. Once this threshold is crossed, large institutional investors may take notice. Ripple may also expand RLUSD to more regions and blockchains.

Stablecoins play a key role in the broader financial economy, and the continuous growth of RLUSD's supply is crucial as it signals an increase in demand. Two days ago, the company minted 10 million RLUSD, and analysts quickly linked this minting to the passage of the GENIUS Act.