Ripple USD (RLUSD) recently hit an impressive $100 million market capitalization just a month after its launch. Jack McDonald, Ripple's SVP of stablecoins, discusses RLUSD's growth and features.
What is Ripple USD?
Ripple USD (RLUSD) is a stablecoin created by financial company Ripple. It is available on platforms such as Bitstamp, Bitso, and Bullish, with plans for expansion on other platforms.
Features of RLUSD Reserves
RLUSD is over-reserved, with Ripple holding $6 million more in reserves than the total supply to ensure financial stability.
Future of RLUSD and Its Competitors
Compared to market leaders like Tether and Circle's USDC, RLUSD is still in its infancy. Tether (USDT) has a market cap of $140 billion, while USDC stands at $53 billion.
Despite an impressive start, RLUSD has a long way to go before it can compete with current stablecoin market leaders. However, Ripple's reserve maintenance and expansion plans show great potential.
