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The Ripple USD stablecoin (RLUSD) has just hit a major milestone. According to Sentora (formerly IntoTheBlock), the total amount of RLUSD borrowed on DeFi platform Euler Finance has surged to a new all-time high of 49,971,274 RLUSD. This figure highlights the growing adoption of the Ripple stablecoin on decentralized finance (DeFi) markets.
This is significant, as RLUSD was listed on Euler Finance in late May, allowing users to borrow, lend or use it as collateral. The record-breaking borrowing activity signals rising demand for RLUSD as a collateralized lending asset.
In another similar move, RLUSD was added to the Aave V3 Ethereum Core market in April, allowing users to supply and borrow the digital asset.
Amid rising demand, 29 million RLUSD have been minted since June 13, with 10 million RLUSD being minted on June 18, as reported. Ripple USD stablecoin's circulating supply is currently at 415.74 million.
In addition to Ripple's RLUSD, XRP Ledger is home to other stablecoins, including Circle's USDC stablecoin, StraitsX's XSGD, Schuman Financial's EURØP and BrazaBank's USDB stablecoin.
Stablecoin market hits new highs
Stablecoin market capitalization has topped $250 billion. The overall market capitalization of stablecoins recently reached a new high after the United States Senate passed a bill to regulate the industry, a significant step toward legitimizing a once niche but now rapidly expanding segment of the cryptocurrency market. According to CoinMarketCap data, the market capitalization of stablecoins is now $255.5 million, up more than 22% this year.
The U.S. Senate passed stablecoin legislation establishing legal standards for cryptocurrencies pegged to the dollar, in a significant victory for the burgeoning crypto industry.
Stablecoin usage has skyrocketed in recent years, and analysts predict the industry to expand much further once the U.S. legislation is implemented.
Vladislav Sopov
U.Today Editorial Team