Ripple increases RLUSD Mint Capacity
Ripple’s Treasury minted 4.5 million RLUSD on the last day of the previous month.
Ripple started minting the RLUSD stablecoin again on February 27 and issued 7.1 million RLUSD tokens following a short hiatus last month.
Ripple made public its January 2025 attestation reports which offered insight into the assets supporting the stablecoin. According to the report, every RLUSD token is fully collateralized, guaranteeing users stability and dependability.
RLUSD saw strong market capitalization growth in January, rising to $130 million. The stablecoin reached $7.4 billion in trading volume on XRPL and ETH (much higher volume than many others) in its first 60 days of operation.
With $7 million more in reserves than the total RLUSD supply of about $130 million, RLUSD is still over-reserved.
Jack McDonald, SVP of Stablecoins at Ripple pointed to a surge in interest from unique channels using RLUSD for tokenized asset on-chain collateralization.
Reece Merrick, Ripple executive, added that many financial institutions are curious about the potential applications of RLUSD for internal treasury payments and cross-border settlement.
BDACS, a South Korean institutional crypto storage provider, has teamed with the enterprise blockchain company to enable institutional custody for XRP and Ripple’s US dollar-backed RLUSD stablecoin.
BDACS will integrate Ripple Custody, the company’s storage service, to safeguard XRP, RLUSD, and other digital assets for South Korean financial institutions. Ripple president Monica Long emphasized the importance of institutional-grade custody given the rise in corporate interest in cryptocurrencies.
In a statement, Long expressed his excitement about Ripple Custody planting another flag in APAC with BDACS for XRP and RLUSD, saying, “South Korea is preparing for a wave of institutional crypto adoption.” Harry Ryoo, CEO of BDACS, commented on the news and stated that his organization is dedicated to offering safe infrastructure for cryptocurrency use by institutions.
“BDACS will help Ripple’s innovative blockchain efforts by offering a safe and dependable custody solution. In the end, this collaboration would allow both businesses to improve and grow the ecosystem of digital assets,” Ryoo stated.
Interestingly, Korean regulators are now working to clarify rules governing companies’ involvement in stablecoins and cryptocurrency assets.
Ripple claims that the partnership complies with the Financial Services Commission’s (FSC) regulatory approval roadmap in South Korea.
The firm clarified: “This partnership will leverage synergies with Busan, Korea’s blockchain regulation-free zone, expand the usability of Ripple’s stablecoin (RLUSD), and support the growth of XRPL developers and its ecosystem.”. “
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