Jack McDonald, SVP of stablecoins at Ripple, has announced that the market cap of Ripple USD (RLUSD) has surpassed $100 million.
It took the product a little over a month to achieve the aforementioned milestone.
McDonald claims that RLUSD is over-reserved, meaning that Rippe's reserves exceed the total supply of the stablecoin. The company currently holds $6 million more in reserves.
Yuri Molchan"Ripple strictly maintains reserves of highly liquid, low-risk assets to ensure our ability to fully meet redemptions," McDonald said.
Earlier, McDonald predicted that 2025 was going to be "the year of the stablecoin."
According to data provided by CoinGecko, RLUSD is currently available on such platforms as Bitstamp, Bitso, and Bullish.
Alex DovbnyaAs reported by U.Today, Ripple President Monica Long stated that the stablecoin would "imminently" appear on more platforms earlier this month.
RLUSD is still very far from catching up with the current market leaders. The market cap of Tether (USDT) is approaching $140 billion. Circle's USDC, which also places a strong emphasis on regulatory compliance, is worth $53 billion.
Dan Burgin
Vladislav Sopov