Ripple's stablecoin RLUSD has reached a significant milestone, surpassing $500 million in circulation just seven months after its launch. This growth reflects increasing user trust in digital currencies.
Rapid Growth of RLUSD in a Competitive Market
RLUSD was launched in December 2024 and is pegged to the U.S. dollar at a 1:1 ratio. Backed by cash, short-term U.S. government bonds, and other safe assets, each RLUSD token holds real value.
Users can trade RLUSD on Aave, the Ethereum blockchain, and the XRP Ledger (XRPL), providing them with more options and faster transactions. Reports indicate that RLUSD has an approximately $26 million daily trading volume and ranks among the top 20 dollar-pegged stablecoins globally according to CoinGecko.
Ripple's Ambitions to Become a Regulated Bank
Ripple is seeking a national trust-bank license from U.S. regulators to expand its role in the financial world. If approved by the Office of the Comptroller of the Currency (OCC), the company will be able to hold customer deposits and issue RLUSD in accordance with U.S. banking laws.
This would make Ripple one of the few cryptocurrency companies operating as a fully approved financial institution.
Support from a More Friendly Regulatory Environment
The growth of RLUSD and Ripple's ambitions coincide with shifts in U.S. regulators' approach toward crypto. Since the beginning of President Donald Trump's new term, federal agencies, like the OCC, have made it easier for banks to engage in crypto-related activities.
Additionally, the GENIUS Act, which has garnered bipartisan support, is attracting more investors to stablecoins. This law aims to establish clear rules for how stablecoins and blockchain companies should operate in the U.S.
Ripple's success with RLUSD demonstrates rapid growth in the stablecoin market. As more people and businesses adopt digital currencies, RLUSD is emerging as a strong and trusted option.
