Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Ripple’s RLUSD stablecoin surpasses $120 million supply

Source Cryptopolitan

Ripple’s USD-pegged stablecoin, RLUSD, has reached a total supply of 120 million just two months after its official launch. The token associated with both Ethereum and the XRP Ledger (XRPL) has increased and is actively used in the cryptocurrency market.

Blockchain data firm CryptoQuant noted that the supply expanded, which led to the upgrade. At first, stablecoins exhibited more activity on the Ethereum blockchain. However, the trend of adoption has shifted over time to select XRPL, reflecting the relatively cheaper fees of the transactions.

Adoption and exchange listings

The credibility of RLUSD is boosted through multiple listings on the exchange platforms. The stablecoin has recently been integrated into the Margex trading platform that offers high leverage trading. Also, an asset under NYDFS got a listing on Zero Hash, making it more accessible in addition to its expansion.

Another key milestone was RLUSD’s integration with the popular financial application Revolut. These factors have enabled the expansion of the stablecoin supply and an expansion into a variety of financial industries.

RLUSD may expand across its networks. Cardano founder Charles Hoskinson has hinted at plans to integrate the RLUSD into the Cardano blockchain. If successful, this could increase its accessibility.

Prior to RLUSD’s official launch, Ripple performed test minting on Ethereum and the XRPL in August. A push towards it has been seen recently as it costs less than Ethereum in terms of transaction fees. Currently, the XRPL has 37.4 million RLUSD, while Ethereum’s RLUSD supply has fallen to 83.3 million.

More adoption of RLUSD in the XRPL has also improved the steadiness of the XRP market. This has impacted the price pattern of altcoins since their use and demand for stablecoins are high. As of the time of writing, XRP was around $2.64, registering a 3% decline in the last 24 hours. According to Coingecko, the market cap of RLUSD currently stands at $108 million.

Analysts predict that the RLUSD growth will boost XRP prices in the long run. The continued adoption of XRP due to factors such as RLUSD, amongst other factors, has seen the token anticipated to hit $250 by 2026. Analysts have hinted that the whale movements could trigger the next rallying points in prices.

Cryptopolitan Academy: Are You Making These Web3 Resume Mistakes? - Find Out Here

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Bitcoin falls below $75,000 as the CLARITY Act fails in the Senate — what the vote means for crypto The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Author Suzie

Sep 16, Wed

The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Dollar index tops 100 for the first time since July as the Fed's hawkish dot plot sinks in The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Author Irene Q.

Sep 17, Thu

The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Gold ends three-week slide at the $4,400 line — eight straight days of ETF inflows vs a 5% 10-year and a 100 dollar Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Author Suzie

Sep 20, Sun

Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Gold Price Forecast: Gold Eyes Key $4,400 Resistance as Falling Oil Prices Ease Inflation Pressure As of the Asian session on September 21, gold prices (XAUUSD) maintained high-level consolidation intraday today following a strong rebound last week, with the latest price trading around

Author TradingKey

Sep 21, Mon

As of the Asian session on September 21, gold prices (XAUUSD) maintained high-level consolidation intraday today following a strong rebound last week, with the latest price trading around

Dollar holds above 100 near a 3-month high — three Fed speakers and a $69 billion auction land tonight The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

Author Suzie

20 hours ago

The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

Popular Symbols