Ripple’s stablecoin RLUSD grew 32.3% in supply between June and July, surpassing $600 million.

This was the second most significant growth in supply among stablecoins with over $500 million in supply growth, lagging only Ethena Labs’ USDe, which grew 63.4% in the same period.

RLUSD has been in a strong growth trend since May, nearly doubling its supply as of July 31. The stablecoin’s market cap jumped from $309 million to $455.3 million between May and June, an over 47% increase. In August alone, it had already grown 3%.

Furthermore, RLUSD surpassed $11 billion in cumulative transfer volume in 2025. The stablecoin registered a new monthly all-time high in July, with $3.3 billion in volume across different venues, an amount 27% larger than June.

Notably, RLUSD has never dipped below $1 billion in monthly trading volume since April, when it crossed this threshold for the first time by registering $1.8 billion in volume.

The growth occurred in the same month that Ripple made efforts to increase RLUSD’s market share.

First, Ripple CEO Brad Garlinghouse announced the company was seeking a national banking charter for RLUSD. In addition to the stablecoin’s registry with the New York Department of Financial Services, this would make RLUSD the first stablecoin under state and federal oversight in the US.

On July 9, Ripple announced BNY Mellon as its custodian partner.

The company then moved to a multi-pronged global strategy to expand RLUSD’s market share. In the United States, the Federal Reserve’s formal adoption of the ISO 20022 messaging standard rewarded Ripple’s positioning as the first blockchain-focused company to join the ISO 20022 Standards Body in 2020.

At the same time, Ripple is reportedly advancing a significant entry into the European market by making RLUSD MiCA-compliant, anchoring the effort with a strategic base in Luxembourg.

However, not everyone is convinced that RLUSD’s growth is organic. Blockchain investigator ZachXBT questioned if Ripple’s stablecoin user base was authentic, before deleting its social media post.

Voicing his concerns differently, the investigator said he trusts other stablecoin issuers “infinitely more than Ripple,” such as Circle, Paxos, and Tether.

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Pump.fun, a platform that enables anyone to create and launch memecoins, concluded one of the largest and fastest initial coin offerings (ICOs) on Saturday. Within 12 minutes of the ICO going live, the platform raised $600 million from the sale of 15% of its token supply for $0.0040 each.

The ICO, which ended far quicker than the assigned 72 hours, put the platform’s fully diluted valuation at $4 billion, according to the platform.

Over the next 48-72 hours, all 150 billion PUMP tokens will be transferred to the investors. The tokens, however, will remain untradeable and untransferrable until the platform completes the distribution phase by July 15, according to ICO Drops data.

The PUMP token was available for sale on various centralized exchanges, including Gate, Kraken, and KuCoin, each of which saw cumulative investments worth $5 million, $30 million, and $16.5 million, respectively.

Bybit announced that due to unexpected delays in its application programming interface (API), the PUMP sale was oversubscribed. The exchange said it is verifying the final allocation of users whose funds are frozen. For users who did not receive an allocation, Bybit said it will refund all funds.

Investors from the U.S. and the U.K. were barred from participating in the ICO for regulatory reasons. According to Bloomberg, today’s ICO pushed Pump.fun’s total token sales to $1.32 billion.

All about the PUMP token

The platform describes the PUMP token as a “utility coin that will be used alongside the pump.fun brand behind the Pump.Fun Protocols.”

Holders of the PUMP token can choose to participate in promotional giveaways. Pump.fun, however, clarifies that its protocols will remain permissionless and will not require the use of PUMP tokens.

The PUMP token’s maximum supply is capped at 1 trillion, of which 33% or 330 billion tokens are allocated to the ICO. Of the 33%, 18% or 180 billion tokens were sold to institutional investors in a private sale, the platform said in an X post. The remaining 15% was sold to retain investors during today’s ICO.

It is worth noting that data Pump.fun shows that only 12.5% of the token supply was sold for a total of $500 million. However, Pump.fun co-founder Alon Cohen told Bloomberg that all 15% of PUMP’s supply was sold in today’s ICO as per previously announced plans.

Community reaction

Despite the undeniable success of Pump.fun’s ICO, the crypto community is divided over its merits. This is especially in light of Pump.fun facing growing competition from LetsBONK and a decline in revenue. LetsBONK, a Solana-based memecoin launchpad, has clocked more volume than Pump.fun over the past week, according to Dune Analytics data.

Noting that he is not an investor, Haseeb Qureshi, managing partner at venture capital firm Dragonfly, noted:

“$PUMP is going to be getting 25% of Pump revenues, so beyond one of the largest ICOs ever, this will be one of the highest gross revenue tokens in crypto.”

Others, however, are less thrilled about the ICO. For instance, Jeremie Henicz, head of XBorg AI, asked if he’s the only one who finds it “cringe,” while responding to Qureshi. Similarly, Marty Bent, founder of Truth for the Commoner (TFTC), stated:

“Pump.fun and those supporting it (even if at arm’s length) are Pied Pipers leading Gen Z to ruin.”

Even before the ICO, many have criticized the platform’s tokenomics. Crypto researcher Rex, for instance, called the platform’s tokenomics exploitative, with nearly 40% tokens allocated to Pump.fun itself.

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Crypto Journalist

Amin Ayan

Crypto Journalist

Amin Ayan

About Author

Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has…

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June 15, 2025

US President Donald Trump disclosed over $600 million in earnings from a mix of cryptocurrency ventures, real estate assets, and branded merchandise in a newly released financial disclosure for 2024.

The filing, made public Friday, outlines the president’s sprawling business portfolio, including significant gains from digital assets and meme coin projects.

While the exact timeframe isn’t specified, the report appears to cover income through the end of December 2024.

Trump Assets Top $1.6 Billion, Earnings Surge

Trump’s estimated asset base now exceeds $1.6 billion, according to a Reuters analysis.

Notably, a large portion of his 2024 windfall came from crypto-related endeavors, including over $320 million in estimated fees from the meme coin $TRUMP, and more than $400 million from World Liberty Financial, a decentralized finance firm.

The disclosure also shows Trump received $57.35 million from token sales and holds 15.75 billion governance tokens in the venture.

The report sheds light on the growing entanglement between Trump’s business interests and the U.S. crypto industry.

His involvement in Bitcoin mining, tokenized assets, and digital ETFs is raising concerns about potential conflicts of interest.

Critics have pointed out that some of his businesses have seen tailwinds from favorable policy decisions during his time in office.

Trump Media & Technology Group, parent company of Truth Social, also remains a core asset.

While exact valuations are unclear, revenue from branded merchandise and licensing deals continue to flow in.

Among them, $2.8 million from Trump Watches, $2.5 million from Trump-branded sneakers and fragrances, and over $1 million from his NFT trading cards.

In the physical world, Trump’s Florida golf resorts brought in $217.7 million, led by the Trump National Doral, which earned over $110 million.

Additional income came from real estate projects in India, Dubai, and Vietnam, with licensing and development fees totaling over $30 million.

The filing also included $12 million in passive income through investments in Blue Owl Capital and U.S. bond funds.

Despite previously claiming to have distanced himself from day-to-day management, the disclosure confirms Trump remains deeply tied to the financial performance of his vast network of businesses, including crypto.

SEC Approves Trump Media’s $2.3B Bitcoin-Linked Registration

As reported, the SEC has approved Trump Media and Technology Group’s (TMTG) registration statement tied to a $2.3 billion Bitcoin treasury initiative.

The June 13 filing covers 85 million shares, including 29 million linked to convertible notes.

While the approval gives TMTG flexibility to raise capital, the firm says it has no immediate plans to issue new securities.

The SEC’s green light comes just weeks after TMTG confirmed a $2.5 billion capital raise to accumulate Bitcoin, following earlier denials.

In that May 27 announcement, Nunes characterized Bitcoin as “an apex instrument of financial freedom,” asserting that it would become a core part of the company’s asset base.