The Ripple USD (RLUSD) stablecoin has achieved a significant milestone by setting a new borrowing record on the Euler Finance platform. This highlights the growing interest in RLUSD within the decentralized finance market.
Record Borrowing of RLUSD
According to Sentora (formerly known as IntoTheBlock), the amount of RLUSD borrowed on Euler Finance has surged to a record high of 49,971,274 RLUSD. This signals rising interest in the stablecoin in the DeFi market.
Increase in RLUSD Supply
Since June 13, 29 million RLUSD have been minted, including 10 million minted on June 18. The current circulating supply of RLUSD stands at 415.74 million.
State of the Stablecoin Market
The total market capitalization of stablecoins has reached $255.5 billion, marking a 22% increase since the beginning of the year. The recent passage of the stablecoin regulation bill by the U.S. Senate is a significant step towards legitimizing this segment of the cryptocurrency market.
The achievements of Ripple USD (RLUSD) and the increase in borrowing on the Euler Finance platform underline the growing popularity of stablecoins and their role in the decentralized finance ecosystem.
