Ripple's stablecoin RLUSD demonstrates positive trends in the crypto market, approaching the symbolic $500 million in capitalization.
Promising RLUSD Metrics
The total supply of the RLUSD stablecoin has now reached 485.24 million, and at the current rate, crossing the symbolic half a billion milestone may just be a walk in the park.
Its trading volume has also jumped by a few percent to reach $40.71 million. Additionally, the RLUSD market cap increased by 3.39%, reaching $485.21 million.
This confirms that positive momentum is being driven across volume, integrations, and banking support.
ZachXBT's Concerns About Real Adoption
This market cap had first crossed $400 million a few weeks ago with the minting of new RLUSD. The rate of its growth indicates that users and institutions are seeking alternatives to existing stablecoins like USDT and USDC.
Unfortunately, some concerns are being raised about the project. Blockchain investigator ZachXBT is worried that the project lacks a genuine user base. He is also concerned that the token relies heavily on paid partnerships to create the illusion of real adoption.
Wide Adoption of RLUSD
Meanwhile, RLUSD adoption is ramping up on a global scale, especially with the new AMINA Bank deal. The Swiss bank is the first regulated financial institution to offer RLUSD custody and trading, targeting institutional clients.
In sync, Ripple has inked a partnership deal with the payment platform OpenPayd. This collaboration aims to boost the accessibility of the stablecoin and integrate it into more payment systems. Prominent exchanges like Bitstamp and Bullish have also adopted the USD-pegged stablecoin.
Ripple's stablecoin RLUSD continues to demonstrate optimistic results, though it faces certain criticisms. While its adoption is on the rise, the project should pay close attention to its real user base.
