Rippleโs stablecoin RLUSD is moving closer to a major market capitalization milestone as new token issuance continues to expand its supply. Market data shows the stablecoin currently holds a valuation of $1.58 billion.
The figure places RLUSD only slightly below the $1.6 billion mark following a fresh mint of 10 million tokens on the XRP Ledger earlier today. Consequently, the new issuance has pushed the asset closer to another growth milestone in a short period.
Stablecoin Ranks Among Largest Digital Assets
The rising valuation has strengthened RLUSDโs position within the broader cryptocurrency market. According to current market rankings, the asset now stands as the 52nd largest cryptocurrency by market capitalization.
Additionally, RLUSD has climbed to become the 12th largest stablecoin in circulation. The rapid growth reflects increased activity within Rippleโs stablecoin strategy as the company continues expanding liquidity across its network.
Dominant Stablecoins Continue to Lead Market
Despite RLUSDโs recent growth, the stablecoin market remains heavily concentrated around two major players. Tetherโs USDT leads the sector with a market capitalization exceeding $183 billion.
Circleโs USDC follows with roughly $77 billion in circulation. Together, they control a large share of global stablecoin liquidity and maintain a significant lead over newer entrants attempting to build market share.
Corporate Stablecoins Compete for Market Share
Beyond the two largest issuers, several projects compete in a fragmented mid-tier market. PayPalโs PYUSD currently leads regulated corporate stablecoins with a market capitalization of about $4.19 billion.
Newer projects, including Falcon USD and Global Dollar, also sit slightly ahead of RLUSD with valuations around $1.73 billion and $1.72 billion, respectively. Moreover, these tokens highlight increasing competition among corporate-backed digital dollars.
The expansion of RLUSD has allowed the token to move ahead of several established stablecoins. The asset now ranks above Binanceโs BFUSD, which holds about $1.31 billion in market value.
Additionally, RLUSD has surpassed Tronโs USDD, which currently stands near $712 million. Consequently, the stablecoin has strengthened its position among mid-tier dollar-pegged assets in the global crypto market.
February Minting Strategy Accelerates Growth
Ripple increased supply aggressively throughout February as the company pushed additional liquidity into circulation. Over roughly three weeks, the RLUSD treasury minted nearly 75 million tokens.
The activity included a 30 million token issuance on February 9, followed by another 20 million minted on February 19. Moreover, Ripple later recorded its largest single-day mint with 69 million RLUSD issued to support expanding distribution channels.
