76 Million RLUSD Tokens Supplied in Just Days on Aave
The post 76 Million RLUSD Tokens Supplied in Just Days on Aave appeared on BitcoinEthereumNews.com.
Ripple USD (RLUSD) has experienced impressive growth on Aave, the leading liquidity protocol. Users have deposited a total of $76 million worth of RLUSD within just four days. On April 21, Aave announced that its users could start supplying and borrowing the stablecoin on the Aave V3 Ethereum Core market, the latest version of the protocol. This essentially means that users can earn interest by supplying RLUSD and borrowing the token. It is worth noting that Aave does not allow using the stablecoin as collateral. Related According to the data provided by Aave, the borrow cap for the popular stablecoin is currently capped at $10 million. This is meant to prevent risk with a new asset. The borrow cap likely explains why RLUSD’s utilization rate is relatively low (it currently stands at 14.86%). RLUSD’s market cap is approaching $300 million Meanwhile, RLUSD’s total market capitalization is now approaching the $300 million mark, according to CoinGecko. The company expects that RLUSD, which was launched in December, could end up among the biggest tokens by the end of 2025. On Thursday, Ripple burned and minted 27 million tokens, data provided by a popular social media tracker shows. This is known as a “burn-to-mint” process. In such a way, Ripple moves tokens between the XRP Ledger and Ethereum while ensuring that the stablecoin maintains its peg. The cross-chain transfer happens with a delay of about 20 seconds. Of course, such a “burn” is not deflationary, given that just a tiny XRP network fee gets spent during such a transaction. The stablecoin is currently available only on two chains, but it could potentially appear on other networks such as Cardano. Source: https://u.today/76-million-rlusd-tokens-supplied-in-just-days-on-aave
Filed under: News - @ April 26, 2025 1:23 am