RLUSD Issues Over $100 Million as Demand for Stablecoin Rises
Ripple has issued over $100 million in Ripple USD (RLUSD) since April 1, reflecting increased demand for the stablecoin. Key points include:
- A $50 million issuance occurred on Tuesday, followed by another $50 million on Wednesday.
- RLUSD is now integrated into Ripple's official payments product, with payment providers BKK Forex and iSend utilizing it.
- RLUSD competes with established stablecoins like Tether (USDT) and USD Coin (USDC).
- It is pegged 1:1 to the U.S. dollar, backed by dollar deposits, U.S. Treasuries, and cash equivalents.
- Users can mint RLUSD by depositing dollars or redeem it for cash by burning tokens.
- Market arbitrage helps maintain its price stability around $1.
- Security features, including a "clawback" mechanism for regulatory compliance, enhance its appeal to institutional users.
As RLUSD gains traction across decentralized financial applications, it may increase demand for XRP tokens.