Ripple's native stablecoin, RLUSD, has officially become the tenth largest stablecoin in the world as sentiment across the broader crypto market turns bullish.
This is coming amid a sudden flip in market sentiment as leading crypto assets and stablecoins show notable growth after several months of extreme weakness.
RLUSD hits new milestone
According to data from SosoValue, RLUSD has reached over $1.64 billion in market capitalization for the first time in just about a year after it launched.
Following a significant surge of over 72% in its trading volume over the last 24 hours, RLUSD has achieved a new milestone in its market capitalization, bringing the asset to a top position in the list of stablecoins.
With this growing performance, RLUSD has now become the ninth largest stablecoin by market capitalization in the world, outperforming the Tron-backed stablecoin, USDD.
The new milestone indicates increasing adoption of RLUSD across the crypto ecosystem, as the stablecoin continues to gain traction among institutions and major platforms, all thanks to Ripple's continued partnerships and developments.
RLUSD has also gained increasing adoption among payment providers and users seeking regulated blockchain-based payment solutions.
RLUSD boasts major legal backing
RLUSD's rapid growth in just about a year of its launch is also attributable to the strong support it receives from major legal authorities.
Unlike many competitors, RLUSD operates under the oversight of the New York State Department of Financial Services (NYDFS), strengthening its regulatory structure in the crypto space.
While RLUSD was designed to support cross-border payments, the stablecoin has become the preferred payment method for institutions operating internationally.
U.Today Editorial Team
Dan Burgin
