Ripple’s RLUSD Stablecoin Adoption Jumps on XRP Ledger
- European USDT delistings are fueling increased adoption of RLUSD on XRPL.
- RLUSD supply reaches $120M, and XRPL surpasses Ethereum in adoption.
- Growing RLUSD adoption enhances XRP market liquidity and provides price support.
Transaction data indicates a rise in activity, demonstrating increased adoption of Ripple’s regulated stablecoin, RLUSD, on the XRP Ledger (XRPL).
This growth is likely driven by the European delisting of USDT due to MiCA regulations, potentially leading to further adoption of RLUSD in the near future.
RLUSD Transaction Volume Skyrockets on XRPL
CryptoQuant data reveals a consistent increase in RLUSD transactions from November 2023 to February 2024.
The daily transaction count (TxCount) has risen steadily, with a significant surge observed in February 2024, signaling increased demand for the stablecoin. The cumulative transaction count (Cumulative TxCount) also reflects this upward trend, indicating sustained growth and adoption of RLUSD on XRPL.
XRPL Becomes Key Hub for RLUSD Activity
Furthermore, the sharp increase in RLUSD activity in early February suggests a significant jump in transactions and potentially heightened investor interest.
This data reinforces RLUSD’s growing importance as a stablecoin within the XRPL ecosystem, building on its initial popularity on Ethereum.
Related: Federal Reserve Explores Ripple’s RLUSD Stablecoin for FedNow Payment System
RLUSD Supply Hits $120 Million Mark
By February 2024, RLUSD’s total supply had reached approximately $120.8 million, marking a significant milestone. Supply distribution figures indicate Ethereum as the primary network for RLUSD issuance, holding around $83.3 million. However, the XRP Ledger’s share has expanded to roughly $37.4 million, demonstrating a recent shift towards XRPL.
Although Ethereum initially led in RLUSD adoption, XRPL’s lower transaction fees have facilitated increased RLUSD activity on its network.
RLUSD Growth Boosts XRP Market
The growing adoption of RLUSD on XRPL is positively influencing XRP’s market dynamics. The stablecoin’s increasing popularity enhances liquidity and utility within the XRPL network, providing support for XRP’s price.
Related: XRP Ledger To Vote on Key Amendment: Could RLUSD AMM Pool Boost XRP?
Despite market volatility, including a 4.38% decrease in XRP’s price to $2.55, RLUSD’s growth underscores the value of Ripple’s blockchain in maintaining stablecoin and cryptocurrency liquidity.
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