Ripple, the company known for faster & cheaper cross-border transactions, has just minted 12 million RLUSD tokens, its own dollar-backed stablecoin, after staying silent for over a month.
What’s grabbing everyone’s attention is the timing, as the U.S. Senate gets ready to vote on the GENIUS Act, a key bill that could shape the future of stablecoins, on June 17.
Does it mean ripple planning for something big?
According to the Ripple Stablecoin Tracker Ripple minted 12 million new RLUSD tokens in the last 24 hours. This sudden minting comes after Ripple had paused new RLUSD creation for about a month.
In April and May, they issued large amounts, 38 million in a day at one point, before taking a break to keep the supply in check.
It was seen as a move to stabilize the market, giving RLUSD time to settle into its role as a reliable digital dollar.
So, why start minting again now?
The answer may lie in an upcoming U.S. Senate vote on the GENIUS Act, happening on June 17. This bill is expected to set clear rules for stablecoins like RLUSD. Ripple’s move could be seen as a show of confidence, suggesting they believe the bill will pass, and the stablecoin market will finally get the legal clarity it’s been waiting for.
For those unfamiliar, RLUSD is Ripple’s own stablecoin, designed to always hold the same value as the U.S. dollar. It’s meant to help people send money faster, trade more easily, and use crypto without worrying about price swings.
Most RLUSD tokens live on the Ethereum blockchain, but some are also on Ripple’s XRP Ledger.
The return of RLUSD minting has already pushed trading volume up by 30%, reaching $179 million in a single day. As of now, RLUSD has a total supply of about 405 million tokens. Around 70% of these exist on Ethereum, while the rest are on Ripple’s chain.
If the GENIUS Act becomes law, it could mark a turning point for U.S. crypto regulation, and Ripple is preparing for that moment.
RLUSD is Ripple’s dollar-backed stablecoin, designed for faster, cheaper cross-border transactions and stable crypto trading. It exists on both Ethereum and the XRP Ledger.
Yes, Ripple’s resumption of RLUSD minting after a pause strongly suggests their confidence in the GENIUS Act passing and providing positive regulatory clarity for stablecoins.
The timing could influence regulatory clarity by demonstrating industry preparedness and demand for regulated stablecoins, potentially encouraging lawmakers to pass clear legislation.
Crypto whales, often seen as the "smart money" in digital assets, have been loading up…
The crypto market is watching October closely as the SEC faces deadlines for multiple ETF…
A fresh ETF filing with the U.S. Securities and Exchange Commission (SEC) has flagged whale…
The cryptocurrency world loves rumors, and lately, many have been circulating about Binance founder Changpeng…
Crypto treasuries have become the talk of this market cycle, with institutions and corporations scooping…
Dogecoin (DOGE) has recently pushed past the $0.24 mark, signaling renewed strength in its price…
