The RLUSD stablecoin, pegged to the US dollar and launched by Ripple, has surpassed the $500 million mark in circulation just seven months after its debut in December 2024.
Explosive Growth of RLUSD in Seven Months
According to CoinMarketCap data, RLUSD has become one of the top 20 stablecoins, showcasing a daily transaction volume of approximately $35 million. The stablecoin is backed by cash, cash equivalents, and short-term US Treasury bonds, significantly strengthening its market position.
The growth of RLUSD has aligned with positive cryptocurrency regulatory initiatives under Donald Trump’s administration in the US, where updated rules allowed banks to provide crypto services, creating a clear framework for exchanges and custodians.
Ripple’s Pursuit of a Banking License
Ripple has submitted an application to the US Office of the Comptroller of the Currency (OCC) for a national trust-bank license, which would enable the company to hold customer deposits and issue RLUSD under federal banking regulations. Similarly, Circle, the issuer of USDC, is seeking the same license, viewing banking status as crucial for institutional customer custody.
Impact of Regulation on the Stablecoin Market
Recent regulatory activities have accelerated the integration of the cryptocurrency market into the financial system. Experts highlight that OCC regulations allowing banks to issue stablecoins strengthen the bridge between traditional finance and blockchain. Consequently, altcoins like RLUSD are expected to see increased usage in payment systems, institutional trade, and bond tokenization.
Thus, the rapid growth of RLUSD and the pursuit of a banking license underscore the potential rise of stablecoins and their significance in the modern financial landscape.
