Ripple’s RLUSD Stablecoin Achieves Major Milestone As XRP Ledger Outshines Ether Amid Rising Adoption ⋆ ZyCrypto
The post Ripple’s RLUSD Stablecoin Achieves Major Milestone As XRP Ledger Outshines Ether Amid Rising Adoption ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     According to data provided by CryptoQuant, the total supply of Ripple’s US dollar-pegged stablecoin RLUSD has now reached $120 million. This has been called a “huge milestone” given that RLUSD is a highly regulated stablecoin. The XRP Ledger Gains Significant Ground According to a recent report by CryptoQuant’s J.A. Maartunn, Ripple’s enterprise stablecoin RLUSD has hit a total supply of $120 million amid soaring adoption. Specifically, the total stablecoin supply now hovers at around $120.8 million. As Maartunn noted, the majority of the supply, roughly $83.4 million RLUSD, is held on Ethereum, while about $37.4 million RLUSD is on the XRP Ledger. Still, he noted that the XRPL has dominated supply growth in recent weeks. On the other hand, the stablecoin’s supply on Ethereum has largely cooled after the initial burst in the early weeks after going live, highlighting a change in demand dynamics. The analyst attributes RLUSD’s recent momentum on the XRPL to considerably lower transaction fees than on the Ethereum network. Another possible catalyst is the swift integration of the token into XRPL’s decentralized finance (DeFi) ecosystem. Advertisement   “In the early weeks, RLUSD grew quickly on Ethereum. However, it has gained more traction on XRPL lately, likely due to the lower transaction fees on the XRP Ledger,” the CryptoQuant exec wrote, adding that he anticipates increasing adoption in the coming months in Europe: “Usage of RLUSD is really catching up! With MiCA regulations leading to USDT delistings in Europe, I expect this trend to accelerate even further!” RLUSD’s fast growth follows its regulated trading debut on Ethereum mainnet and the XRPL on December 17. Backed by U.S. dollars, U.S. government bonds, and cash equivalents, the stablecoin was listed on leading trading platforms, including Bitstamp, Revolut, Uphold, and CoinMENA after receiving the final approval from…
Filed under: News - @ February 22, 2025 7:08 pm