Jack McDonald, a leading figure at Ripple, discussed the remarkable growth of decentralized finance (DeFi) and the impact of RLUSD cryptocurrency on this sector.
Growth of DeFi and RLUSD
Jack McDonald, Senior Vice President of Stablecoins at Ripple, noted that decentralized finance (DeFi) is experiencing "exploding" growth.
Liquidity and Use of RLUSD
On the decentralized lending platform Aave, the net available liquidity of the Ripple USD (RLUSD) token is approaching $240 million. The total amount of deposited RLUSD tokens has surpassed $340 million.
Impact on Stablecoin Market
The RLUSD token was supported by Aave back in April, and within just days, its supply topped $70 million. In addition to lending and borrowing, the RLUSD stablecoin is actively used in other areas of the DeFi ecosystem, such as trading and liquidity provision on decentralized exchanges.
The rise of the RLUSD stablecoin and interest in DeFi highlight Ripple's significance in the rapidly evolving cryptocurrency landscape.
