Ripple Mints More RLUSD as Market Cap Passes $500 Million

Enterprise blockchain company Ripple has minted an additional 5 million RLUSD tokens on the Ethereum blockchain.

According to CoinGecko data, the market cap of RLUSD currently stands at roughly $533 million, which makes it the 176th largest cryptocurrency.

Overall, 77.5 million RLUSD tokens have now been minted during this July.

RLUSD recently received a major boost from independent stablecoin rating agency Bluechip, which starts its coverage of the token with an initial rating of A. It is now the highest-rated stablecoin.

Earlier this July, Ripple picked BNY Mellon, one of the most prominent American financial services corporations, for safeguarding the reserves backing RLUSD. BNY Mellon is known as the top custodian of securities in the world.

Ripple recently celebrated the GENIUS Act, which provides the stablecoin sector with clear regulatory guidelines. The key legislation, which was signed into law last week, has been described as “historic” by CEO Brad Garlinghouse.