Three months after its launch, Ripple USD (RLUSD) stablecoin has grown significantly and hit a major supply milestone.
The stablecoin has reached a total circulating supply of 176.69 million RLUSD.
Brad Garlinghouse’s Bold Prediction for Stablecoins
According to market data, this represents an uptick of 4.21% in just 24 hours. This development highlights the rapid growth in the adoption and utility of RLUSD.
With this steady growth, projections about the possible trajectory for RLUSD have been made.
John Deaton, a renowned lawyer for XRP holders, has shared insights into this by highlighting key statements from the Digital Asset Summit (DAS) held in New York.
Deaton noted that at DAS, Brad Garlinghouse, Ripple CEO, made a bold prediction about the stablecoin market.
According to him, Garlinghouse believes the stablecoin market capitalization will grow tenfold within the next five years.
He maintains this is a conservative estimate, with all indications suggesting it could grow at a higher rate.
Analysts say if this growth occurs, trillions of dollars could flow into stablecoins. RLUSD might take up a good market share in the ecosystem.
The projection aligns with the current trend in the digital asset world, where stablecoins are increasingly being used to make payments and in decentralized finance.
Deaton emphasized that Ripple’s decision to launch its stablecoin is strategic. This hinges on the anticipated growth the sector could record in the next five years.
The blockchain payments firm likely foresaw the opportunity in the sector and decided to leverage its position in the cross-border payment ecosystem.
Regulatory Momentum and RLUSD’s Future Trajectory
Interestingly, Deaton’s post also referred to Scott Bessent, U.S. Treasury Secretary, on the future of stablecoins. Deaton’s post suggests that legislation around stablecoins could serve as a major trigger to unlock institutional adoption.
According to Bessent, “[W]e are going to keep the U.S. the dominant reserve currency in the world, and we will use stablecoins to do that.”
As reported by TheCoinRepublic, on March 3, a new Congressional Crypto Caucus was launched to develop policies for industry growth.
The goal is to cement America’s leadership position in digital assets. One of the caucus’s key priorities is establishing regulations for stablecoins and market structures.
Deaton suggests that after stablecoin legislation is passed, the industry might see major banks taking steps to issue their stablecoins. In a recent move that signaled interest, the Bank of England explored Ripple’s settlement of payment.
Such a development may drive further adoption and legitimize the space amid increasing completion.
With the earlier prediction on the stablecoin growth trajectory in the trillions, Deaton insists it is unlikely to have a single dominant player.
He sees a competitive market in which companies and global institutions profit from the expansion that could occur in the financial sector.
Ripple Treasury Mints Fresh 7 million RLUSD
Meanwhile, Ripple Stablecoin Tracker, an account on X that tracks the minting and transfer of Ripple stablecoin, has spotted the fresh minting of RLUSD.
A massive 7,000,000 RLUSD has been minted at the RLUSD Treasury.
This recent volume of minting highlights the continued expansion of RLUSD and suggests increased demand for the stablecoin.
This fresh minting further increases the total supply of RLUSD in the crypto space available to users.
The operation remains one of Ripple’s continued efforts to sustain the liquidity and utility of its stablecoin.
The post Ripple USD (RLUSD) Stablecoin Hit Landmark Supply Milestone appeared first on The Coin Republic.
The Coin Republic – Read More