Enterprise blockchain company Ripple has minted an additional 600,000 RLUSD tokens, according to the most recent update provided by the Ripple Stablecoin Tracker account on the X social media network.   

As of now, Ripple is showing a reserve of roughly $83 million for more than $77.2 million issued in RLUSD.

This essentially means that RLUSD backing is 7% over-collateralized. 

During this month, Ripple is expected to release an attestation report, which will reveal the composition of the backing assets. 

The company previously stated that the first report would be released not more than 30 days after the public launch of the stablecoin. 

As reported by U.Today, RLUSD was launched to much fanfare last month after obtaining key approval from New York’s regulator. 

According to data provided by CoinGecko, Ripple USD (RLUSD) currently has a market cap of $72 million, which makes it the 721st biggest cryptocurrency. Over the past 24 hours, it generated a total of $41 million in daily trading volume. 

The token is currently available on such trading platforms as Bitso, Bulish, Mercado Bitcoin, and Sologenic. It is expected to become available on more exchanges in the near future. 

The stablecoin product was initially announced back in April. 

Ripple President Monica Long recently argued that Ripple USD (RLUSD) would be able to set a new benchmark for stablecoins, highlighting the token’s regulatory compliance. 

The RLUSD token is meant to enhance the Ripple ecosystem while also boosting the utility of the XRP token. 

The stablecoin will have to compete with such major key players as Circle and Tether in order to gain a sizeable market share of the rapidly growing sector.