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Ripple USD stablecoin (RLUSD) has crossed a major milestone, as the token crossed the one billion mark on the Ethereum network. DefiLlama data reveals that RLUSD has hit 1.261 billion in total circulating supply.
Ripple stablecoin growth highlights surging adoption
Notably, this places its market capitalization at a corresponding $1.261 billion. This achievement is huge for Ripple USD stablecoin, considering that it is yet to complete one year since it made its debut in the crypto space.
This indicates that over 1.02 billion RLUSD are now minted and active on Ethereum. The development indicates the massive adoption that RLUSD continues to enjoy among users, particularly on the Ethereum blockchain. It signals trust and increasing demand from users in the community for the relatively new stablecoin.
The more than 1.26 billion RLUSD on Ethereum also shows strong liquidity and the increasing relevance of the Ripple stablecoin in an ecosystem dominated by Tether (USDT) and Circle (USDC). It indicates that users are comfortable with RLUSD as their stablecoin of preference in carrying out payment transactions.
Within the last 72 hours, Ripple has also accelerated minting on the XRP Ledger, churning out another 10 million. The minting points to steady demand for the stablecoin from traders and investors alike, as Ripple has been very cautious not to flood the market with RLUSD.
In November alone, Ripple minted over 77 million RLUSD despite the fluctuation in the broader crypto industry that has slowed down transactions. It is a clear indication that demand for the stablecoin has been high, and RLUSD is gaining traction in the sector.
Middle East approval boosts RLUSD’s utility
Ripple USD stablecoin recently gained momentum in the Middle East following the regulatory fiat license granted to it to serve as lending collateral in Abu Dhabi. The approval means that users in the region can now use RLUSD as collateral on certain platforms in the Abu Dhabi Global Market financial free zone.
It helps to increase the stablecoin’s utility in the real world and improves RLUSD’s market share in the sector.
The steady adoption that RLUSD has enjoyed over the last 11 months has enabled it to flip the memecoin, BONK, in terms of market capitalization. With its $1.261 billion market cap, it has surpassed BONK, whose value recently dropped from $1.01 billion to $823.59 million.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team