The RLUSD stablecoin has experienced a significant increase in trading volumes, rising by 106% in the past 24 hours. CoinMarketCap data shows that RLUSD’s trading volume has reached $39 million, showcasing the growing popularity of this stablecoin within the market. The majority of the trading volume comes from the RLUSD/USDC pair on the Bullish exchange, accounting for about 55.02% of the total volume. Additionally, the BTC/RLUSD pair on Bullish contributed 23.15%, while the XRP/RLUSD pair contributed 12% to the overall trading volume.
RLUSD is a stablecoin pegged one-to-one with the U.S. dollar and is issued on both the XRP Ledger and Ethereum networks. This stablecoin has various use cases, including cross-border payments and decentralized banking. RLUSD made its global debut on various platforms such as Uphold, MoonPay, CoinMENA, Archax, and Bitso on December 17. It was later listed on Bullish, allowing users in eligible regions to trade in markets such as RLUSD/USDC, BTC/RLUSD, XRP/RLUSD, ETH/RLUSD, USD/RLUSD, EUR/RLUSD, and SOL/RLUSD. Furthermore, RLUSD also launched on Independent Reserve, Singapore’s first cryptocurrency exchange to list the stablecoin.
The release of RLUSD marks a new chapter for both XRP Ledger and Ripple, as it opens up new opportunities for the use of stablecoins in payments flows. While stablecoins have traditionally been used for trading, other use cases have emerged, with Ripple showing interest in utilizing the stablecoin to complement its existing business. The strong demand for RLUSD among users transacting between stablecoins such as USDC and cryptocurrencies like BTC and XRP highlights the utility and potential of this stablecoin in the market.
In conclusion, the increase in trading volumes for RLUSD demonstrates the growing traction of this stablecoin within the market. With its presence on various cryptocurrency exchanges and its peg to the U.S. dollar, RLUSD offers a range of use cases, including cross-border payments and decentralized banking. The debut of RLUSD on exchanges like Bullish and Independent Reserve signifies a new chapter for both XRP Ledger and Ripple, showcasing the potential for stablecoins to be used in a variety of payment flows. As the popularity of RLUSD continues to grow, it will be interesting to see how this stablecoin further integrates into the cryptocurrency ecosystem.
