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- 🎉 Registration for the $5 Million WCTC S7 Trading Competition is Live!
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No RLUSD Minted Since April 2 – Is Something Cooking?
It’s been more than a week since the latest batch of RLUSD stablecoins was minted by Ripple blockchain giant. In this regard, the company finished March and started April on a positive note as it minted 117,000,000 RLUSD in three batches.
17,000,000 RLUSD left Ripple’s minting digital press on March 28, followed by 50,000,000 RLUSD created on April 1, and then once again 50,000,000 RLUSD was issued on April 2.
Today is April 9, and no new RLUSD tokens have been created over the past week, according to the Ripple Stablecoin Tracker account on the X platform. However, there has been a new development that may shed some light on this. Apparently, RLUSD is just about to expand its utility massively.
Ripple to use RLUSD in its biggest new $1.25 billion collaboration
This week, the Ripple giant spread the word about its largest acquisition ever made (and one of the largest deals in crypto as well) as it purchased Hidden Road – a global, multi-asset top broker. The price of the deal was mind-blowing - $1.25 billion.
Ripple CEO Brad Garlinghouse commented on that deal on his X handle, saying that this is a “a once-in-a-lifetime opportunity for crypto to access the largest and most trusted traditional markets, and vice versa.”
Hidden Road has been working with the biggest hedge funds, market makers, OTC desks, etc, including Ripple itself, Garlinghouse stated. This broker has great expertise and clears $3 trillion per year for more than 300 top financial institutions around the globe.
This deal will provide a new use-case for XRP and RLUSD, the CEO revealed – the stablecoin will be used as a collateral in its brokerage services for top global customers. That will also include crypto trading. Ripple’s press release on this stated that this would greatly reinforce the positions of RLUSD “as an enterprise-grade USD-backed stablecoin with real utility” and it thus it will be the first ever stablecoin to power efficient cross-margining between the crypto space and conventional financial markets.
Ripple president Monica Long said the following about this acquisition, stressing its high importance: “This is no small feat to achieve today,” adding that “in combination with using the XRP Ledger for post-trade settlement in the future, means the possibilities are staggering.”