Ripple's RLUSD Stablecoin Explodes With 106% Growth in Volumes: Details
2024-12-28
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In a noteworthy development, the RLUSD stablecoin has seen an increase in trading volumes, rising by 106% in the past 24 hours. According to data from CoinMarketCap, RLUSD's trading volume has reached $39 million in the previous 24 hours, highlighting the growing traction of this stablecoin in the market.
The bulk of the trading volume comes from the RLUSD/USDC pair on the Bullish exchange, which is about 55.02%, reflecting strong demand for RLUSD among users transacting between these two stablecoins. The BTC/RLUSD pair on Bullish contributed 23.15%, while the XRP/RLUSD pair contributed 12% to the overall trading volume.
RLUSD, a stablecoin pegged one-to-one with the U.S. dollar, is issued natively on both XRP Ledger and Ethereum networks and may be utilized for a variety of applications and use cases, including cross-border payments and decentralized banking.
Ripple stablecoin debuts on crypto exchanges
Ripple USD (RLUSD) went live globally Dec. 17, initially on platforms such as Uphold, MoonPay, CoinMENA, Archax and Bitso, with further listings likely in the following weeks.
On Dec. 24, RLUSD went live on Bullish, allowing eligible regions to be able to trade the following markets: RLUSD/USDC, BTC/RLUSD, XRP/RLUSD, ETH/RLUSD, USD/RLUSD, EUR/RLUSD and SOL/RLUSD.
On the same day, RLUSD made its debut on Independent Reserve, Singapore's first cryptocurrency exchange to list the stablecoin.
The release of RLUSD marks a new chapter both for XRP Ledger as well as Ripple for use in its payments flows. Although stablecoins historically have been used for trading purposes, other use cases have emerged, and Ripple is particularly interested in having one to complement its existing business.