Ripple's RLUSD stablecoin, launched as a dollar-pegged asset, is quickly gaining traction in the market. $10 million of RLUSD was minted in the last 24 hours, indicating growing interest in this asset.
RLUSD Capitalization Growth
According to data from CoinMarketCap, the market value of RLUSD is approximately $415.67 million. This significant increase since its launch indicates that users and institutions are seeking alternatives to existing stablecoins like USDT and USDC.
Increasing Adoption of RLUSD
In January, RLUSD saw a 2000% growth in trading volume, making it the fourth most traded stablecoin. This rapid popularity growth was also supported by listings on major exchanges like Kraken and Bitstamp, facilitating access for both retail and institutional users.
Ripple's Plans for RLUSD
Ripple aims to leverage RLUSD for various purposes beyond trading, including lending, borrowing, and other decentralized finance services. RLUSD is already being utilized as collateral in a major acquisition deal by Ripple for $1.25 billion, highlighting its increasing role in significant financial transactions.
Ripple's RLUSD stablecoin showcases rapid growth in popularity and integration into financial processes, indicating its potential to become a crucial part of the cryptocurrency market.
