Ripple's stablecoin, RLUSD, has just achieved a major milestone in its circulating supply, surpassing levels seen in late April as adoption continues to grow.
Per data showcased by CoinMarketCap as of Wednesday, May 20, the market capitalization for RLUSD is sitting at over $1.65 billion, marking an increase of about 3% over the last 24 hours.
RLUSD sees rapid adoption
While the Ripple stablecoin had launched less than 2 years ago, the milestone signals the rapid adoption of the asset as Ripple continues to push for bigger expansion.
With its supply level now sitting above $1.65 billion, RLUSD has achieved an increase of about 2.9% from its previous record of $1.603 billion achieved late last month.
This suggests that enterprises are increasingly integrating RLUSD and new capital is steadily flowing into the Ripple stablecoin despite the heightened competition in the stablecoin market.
Despite the new milestone, further data shows that RLUSD still remains behind major competitors like PYUSD and USD1 in supply. However, the surge in its market capitalization and its rapid growth since emergence further strengthens its market position and credibility, increasingly boosting its utility.
While the Ripple stablecoin is rapidly gaining traction among users and institutions, market participants believe it is on track to flip its rivals and possibly dominate the stablecoin market in the future.
Ripple drives demand
It is important to note that the stablecoin has achieved an increase in its supply while retaining its market value at a price consistently pegged near $1.
The firm has deployed necessary mechanisms to ensure it is constantly in demand, especially with its steady minting and burning activities.
As evident in the new milestone, Ripple has achieved rising demand and deeper liquidity for RLUSD. It has also fostered broader usage of the stablecoin across trading, payments, and institutional settlement platforms.
Dan Burgin
