The XRP community can already track Ripple's newly launched Ripple USD (RLUSD) stablecoin on various cryptocurrency ranking platforms, such CoinGecko, CoinPaprika and CoinMarketCap.
According to data provided by CoinMarketCap, there are currently 53.18 million RLUSD tokens in circulation.
The stablecoin recorded $549,820 in trading volume on its debut day.
As reported by U.Today, the stablecoin officially went live on various exchanges, including Uphold, MoonPay, Keyrock and Bitso, on Tuesday. In the near future, the stablecoin will also appear on such trading platforms as Bitstamp and Bullish.
Shortly after its launch, the stablecoin briefly started trading at roughly $1.68 due to significant demand as well as a supply shortage. However, its price stabilized, as expected, in a relatively short period of time.
RLUSD is yet to appear on CoinGecko's list of stablecoins, and it will likely take quite a while before the new product will be able to move up in the rankings.
Tether (USDT), a juggernaut with a $140 billion market cap, is the biggest stablecoin by a huge margin. Circle's USDC comes in second place with $42.8 billion. Ethena USDe (USDE), a synthetic stablecoin that is powered by the Ethereum blockchain, is in third place with $5.9 billion.
In order to appear among the top 10 biggest stablecoins, RLUSD's market cap would need to surpass half a billion dollars.
RLUSD has been pitched as a fully regulated stablecoin, which is supposed to set it apart from some other competitors.
Recently, SWIFT veteran Andre Casterman described RLUSD as a game changer for the cross-border payments sector.
Tomiwabold Olajide
Gamza Khanzadaev
Dan Burgin
Vladislav Sopov