Ripple's stablecoin, RLUSD, has captured market attention by issuing over $100 million in a short period, highlighting its potential as a strong contender among stablecoins.
Success of RLUSD on the Market
Since the start of April, Ripple has issued over $100 million of RLUSD. Just this week, $50 million was issued on Tuesday, followed by another $50 million on Wednesday. These actions indicate high demand for the stablecoin, supported by RLUSD's integration into Ripple's official payment system.
A New Competitor for Major Stablecoins
Industry experts believe RLUSD could reshape the crypto market, posing competition to major stablecoins like Tether (USDT) and USD Coin (USDC). Former Binance CEO Changpeng Zhao mentioned this may seem like a 'stablecoin war,' but it's actually healthy competition.
The Future and Impact of RLUSD
As RLUSD grows in popularity, demand for XRP tokens is expected to increase, benefiting XRPL-based DeFi apps. RLUSD is pegged 1:1 to the U.S. dollar and available on both the XRP Ledger and Ethereum, fully backed by U.S. dollar deposits, short-term Treasuries, and cash equivalents.
Overall, since its launch in December 2024, RLUSD has garnered significant attention, reaching nearly $250 million in market cap, indicating its growing demand in both the retail market and corporate environment.
