Ripple has minted a record volume of RLUSD stablecoin as it sees an uptick in treasury activity and institutional uptake.
There has been another large minting of Ripple USD (RLUSD) stablecoin, pegged to the U.S. dollar, as treasury activities increase with institutional uptake.
As per the Ripple Stablecoin Tracker, another 19.6 million RLUSD tokens, which is equivalent to $19.6 million, have been minted on the RLUSD Treasury Ethereum.
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Previously, 19 million RLUSD tokens were also minted. In these two transactions, 38.6 million RLUSD have been newly minted.
However, a number of RLUSD burns have also occurred on the treasury. Three separate burns of 13 million, 18 million, and 19.6 million RLUSD tokens have been identified, the tracker said.
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A total of five transactions were reported. In the five transactions, a total of 38.6 million RLUSD was minted, and 50.6 million RLUSD was burned, with a net burn of 12 million tokens.
It is worth noting that the burns happened on the XRP Ledger, while the two mints happened on Ethereum.
Currently, RLUSD has a market cap of around $2.42 billion, as per CoinGecko, making it one of the largest stablecoins pegged to the U.S. dollar. Its value continues to hover around the $1 peg.
RLUSD sees a huge banking breakthrough
The recent minting news comes after British banking giant Standard Chartered released some big news around RLUSD.
On Oct. 12, the bank officially launched institutional custody for RLUSD on the XRP Ledger.
Institutional custody for RLUSD issued on the XRP Ledger is now live and accessible via Standard Chartered's branch in the Dubai International Financial Centre, which is regulated by the Dubai Financial Services Authority, the bank announced.
It gets even more promising as Standard Chartered is also partnering with Ripple and LMAX Group to use RLUSD as eligible trading collateral.
In the potential partnership, the intention is for RLUSD held in Standard Chartered custody to be used as collateral for institutional investor trading on LMAX without directly moving the RLUSD tokens to LMAX for trading.
However, the collateral use has not been introduced yet and will be subject to testing, final documentation, and regulatory approval.