On-chain data hints at growing adoption and possible institutional interest in RLUSD.
Ripple has minted 13 million RLUSD, pushing the stablecoin closer to a major market milestone. The minting event was confirmed by a blockchain transaction posted on Etherscan. Moreover, the destination wallet appears to be a known liquidity address. The data was shared by Ripple Stablecoin Tracker on X.
Ripple Pushes for Stablecoin Market Share
With this latest mint, RLUSD’s circulating supply has grown significantly. Market analysts now estimate the total supply is approaching $500 million in value. This could be a key step for Ripple in the stablecoin race.
Ripple launched RLUSD to compete with Tether’s USDT and Circle-issued USDC stablecoins. It is designed for payments, trading, and on-chain liquidity. Ripple also hopes it will become a preferred asset for DeFi apps. The growing supply shows rising demand for RLUSD across crypto platforms.
These 13 million mint shows Ripple’s commitment to scaling its ecosystem. On-chain data shows that the stablecoin’s market cap right now is $428.7 million.
However, Traders and investors are watching closely for how fast RLUSD can reach the $500 million mark. If the current trends continue, that milestone could be hit within weeks.
In addition, on-chain data shows healthy wallet distribution for RLUSD. No single address holds too large a share, which is a good sign. It also supports the view that RLUSD is gaining adoption in different sectors.
RLUSD Nears $500M Milestone, Indicating Possible Institutional Interest
Notably, the receiving address has handled similar volume of funds previously. Hence, it suggests that the funds may be intended for centralized exchanges or DeFi platforms.
The $500 million level is not just a number. It represents a point where the Ripple stablecoin may gain more legitimacy. Once it crosses that mark, larger institutional players may take notice. Ripple could also expand RLUSD into more regions and chains.
With stablecoins playing a key role in the broader financial economy, RLUSD’s rising supply matters because it hints at growing demand. Two days ago, the company minted 10 million RLUSD with analysts quick to associate the mint with the passage of the GENIUS act.
