Ripples RLUSD Stablecoin Achieves Major Milestone As XRP Ledger Outshines Ether Amid Rising Adoption
According to data provided by CryptoQuant, the total supply of Ripples US dollar-pegged stablecoin RLUSD has now reached $120 million. This has been called a huge milestone given that RLUSD is a highly regulated stablecoin.
The XRP Ledger Gains Significant Ground
According to a recent report by CryptoQuants J.A. Maartunn, Ripples enterprise stablecoin RLUSD has hit a total supply of $120 million amid soaring adoption. Specifically, the total stablecoin supply now hovers at around $120.8 million.
As Maartunn noted, the majority of the supply, roughly $83.4 million RLUSD, is held on Ethereum, while about $37.4 million RLUSD is on the XRP Ledger.
Still, he noted that the XRPL has dominated supply growth in recent weeks. On the other hand, the stablecoins supply on Ethereum has largely cooled after the initial burst in the early weeks after going live, highlighting a change in demand dynamics.
The analyst attributes RLUSDs recent momentum on the XRPL to considerably lower transaction fees than on the Ethereum network. Another possible catalyst is the swift integration of the token into XRPLs decentralized finance (DeFi) ecosystem.
In the early weeks, RLUSD grew quickly on Ethereum. However, it has gained more traction on XRPL lately, likely due to the lower transaction fees on the XRP Ledger, the CryptoQuant exec wrote, adding that he anticipates increasing adoption in the coming months in Europe:
Usage of RLUSD is really catching up! With MiCA regulations leading to USDT delistings in Europe, I expect this trend to accelerate even further!
RLUSDs fast growth follows its regulated trading debut on Ethereum mainnet and the XRPL on December 17. Backed by U.S. dollars, U.S. government bonds, and cash equivalents, the stablecoin was listed on leading trading platforms, including Bitstamp, Revolut, Uphold, and CoinMENA after receiving the final approval from the New York Department of Financial Services.
But despite reaching the $120 million milestone, RLUSD still lags behind other existing stablecoins in the market. Circles USDC currently boasts a $56 billion market cap, while stablecoin king Tethers USDT towers above all rivals at $141.6 billion.
XRP is up down a paltry 0.3% over the past day, trading at $2.67, according to Coingecko data.
Text source: ZyCrypto
