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The Oct. 10 Flash crash was deemed the largest liquidation event in the crypto market’s history, surpassing that seen during the FTX collapse. Over $19 billion in leveraged bets were liquidated, with funding rates plunging to their lowest levels since the depths of the 2022 bear market.
The crash also recorded one of the sharpest and most complex market dislocations ever seen in stablecoin trading.
Amid this, Ethena's synthetic dollar, USDe, briefly dropped to $0.65 on Binance during a market sell-off, losing its $1 peg in the process.
During large and unexpected market sell-offs, it is not unusual for a few "stable" assets to lose their $1 peg.
Despite this, Ripple USD maintained its $1 peg all through the sell-off, passing its first major stress test since it launched in December 2024.
RLUSD rises in top 100
Ripple USD (RLUSD) stablecoin has ascended higher in the top 100 cryptocurrencies by market cap ranking.
At press time, RLUSD remains the 82nd largest crypto with a market capitalization of $840.86 million, surpassing DeFi token Curve Dao (CRV).
In aforetimes, RLUSD had entered the top 100 rankings, which was only brief, before exiting them.
But a shift is seen as RLUSD gains ground in the top 100, with it positioned to keep rising amid increasing adoption.
Last week, Ripple announced a strategic partnership with Bahrain's fintech bay to accelerate crypto adoption in order to introduce Ripple Custody and RLUSD to key financial institutions in the region.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team