Ripple's USD-pegged stablecoin RLUSD has reached a market cap of $170 million, setting its sights on becoming one of the top five stablecoins in the crypto industry.
RLUSD Growth and Interest
According to the company's latest report, RLUSD has surpassed internal projections, reaching a new market cap record. The token has seen increased institutional interest, fueling its growth.
February Frenzy
This positive news was shared by Ripple's Senior Vice President Jack McDonald, who noted that RLUSD has shown strong movements in February and is now being used in DeFi liquidity pools. NGOs have started adopting the token as a means of donation. The token quickly increased its market cap to $120 million within two months and expanded its presence on new exchanges, including LMAX.
Ripple CEO Prediction
Ripple CEO Brad Garlinghouse expressed his opinion that RLUSD could reach the top five stablecoins by the end of the year. In a Bloomberg interview, he discussed the future of stablecoins in light of the SEC's decision to drop the lawsuit against the company. Analysts believe that RLUSD's rise could challenge market leaders, especially if its use in DeFi and for commercial activities continues to grow. Ripple's relationship with financial institutions could give RLUSD an edge in traditional finance.
The RLUSD stablecoin is showing significant market success, promising good prospects for future growth and development.
