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Ripple Stablecoin RLUSD Hits Huge $120M Milestone as Adoption Grows
Ripple Stablecoin RLUSD Hits Huge $120M Milestone as Adoption Grows
February 18, 2025
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RLUSD, the dollar-pegged Ripple stablecoin, has reached a “huge milestone.” This is according to a recent report from leading crypto analytics platform CryptoQuant. The report by leading analyst J.A. Maartunn highlights that RLUSD has achieved a total supply of $120 million within its first two months of launch amid growing adoption. Specifically, the total stablecoin supply now stands at approximately $120.8 million.
As the analyst pointed out, the majority of the supply, around $83.3 million RLUSD, is on Ethereum, while only about $37.4 million RLUSD is on the XRPLedger. Still, he noted that the XRPL has dominated supply growth in recent weeks. Conversely, the stablecoin’s supply on Ethereum has largely remained stable after initially accelerating in the first few weeks, indicating a shift in demand dynamics.
RLUSD supply by network Source CryptoQuant
Maartunn attributed the demand shift to the lower fees on the XRPL compared to Ethereum. Another likely contributing factor is the rapid integration of the asset into the XRPL’s DeFi ecosystem. At the time of writing, xpmarketdata shows 80 liquidity pools denominated in the stablecoin.
The recent supply achievement follows the stablecoin reaching a milestone of 100,000 transactions earlier in the month. In line with the increasing demand on the XRPL, 95% of RLUSD transactions at that time were recorded on the network.
Despite these accomplishments, RLUSD is still far from offering any real competition to established players like Tether and Circle, whose flagship products, USDT and USDC, boast market capitalizations of $142 billion and $56 billion, respectively.
However, many anticipate that this status quo may change with greater support for RLUSD from leading exchanges such as Binance and Coinbase. At the same time, Ripple has yet to integrate the asset into its leading payments business.
RLUSD has been tipped to enhance XRP liquidity and DeFi activity by serving as an easy on-ramp for market participants and a stable unit of value for offerings such as loans.
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