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RLUSD, the U.S.-dollar-backed stablecoin launched by blockchain payments firm Ripple Labs Inc, shows an impressive outlook on Bullish, a top crypto trading platform. According to on-chain data, the stablecoin has seen its volume drop over 20.57% to $158.86 million. Despite this slip, it has maintained a relatively positive volume on Bullish Exchange, a Gibraltar-based crypto trading platform.
RLUSD In Rally Mode
When Ripple Labs launched the RLUSD, it ensured it went live on top global exchanges. However, some, like Bullish, which integrated the stablecoin later on, have become a critical market for the stablecoin.
Alex DovbnyaPer data from CoinMarketCap, two key RLUSD trading pairs, USDC and XRP, saw impressive jumps in the past 24 hours. The RLUSD/USDC pair jumped 49%, with $78,776,106 traded. This is also complemented by the 35.88% jump in the RLUSD/XRP pair that has seen over $57.44 million traded.
Overall, the RLUSD stablecoin volume is pegged at $160 million following the recent mint of 1,000,000 tokens on XRP Ledger. The RLUSD stablecoin remains one of the most traded tokens in its class relative to its age in the broader crypto ecosystem.
Ripple Labs and plans for RLUSD
As the flagship stablecoin of the broader Ripple Labs ecosystem, RLUSD is poised to play a more integral role in the functioning of the XRP Ledger. The stablecoin will specifically power liquidity pools on the pool’s AMM engines.
Vladislav SopovBeyond this, it will also play a unique role in the tokenization agenda of the blockchain payments firm. As a USD-backed asset, new tokenization tools can easily tap it as a reference peg asset to enjoy its regulatory allowance.
Overall, the RLUSD serves many users within its ecosystem, and there is a plan to integrate it further into other ecosystems via its potential partnership with Cardano.
Dan Burgin
Vladislav Sopov