Ripple’s RLUSD stablecoin has also recently shown impressive performance in the cryptocurrency market, especially in capital efficiency.
The XRPL dUNL validator Vet pointed out that RLUSD enjoys a 37% volume-to-total value locked (TVL) ratio compared to other top stablecoins.
CoinMarketCap data also validate this, displaying RLUSD as having a volume-to-market capitalization ratio for 24 hours of 39.49%. For comparison, Tether (USDT) is at 36.45%, USD Coin (USDC) at 15.02%, and PayPalUSD at 6.76%.
Since its launch in December 2024, RLUSD’s market value has increased to more than $193.67 million, exceeding Ripple’s internal predictions.
Ripple executive Jack McDonald stated that RLUSD is growing faster than expected. He mentioned that Ripple aims for RLUSD to be one of the top five stablecoins by the end of the year. CEO Brad Garlinghouse previously made the same prediction.
RLUSD volumes have also rocketed by 220% in on March 31 as it traded $81.2 million. This gain comes at a time when the cryptocurrency market is uneasy, with major assets like Bitcoin seeing price declines. However, at the time of writing, the trading volume is at $71.03 million.
Bitcoin fell 1.81% in the past 24 hours to $81,985 early Monday. XRP and Cardano’s ADA saw the biggest losses, dropping over 7%, while Solana (SOL), Dogecoin (DOGE), and Ether (ETH) declined 2-3%.
Stablecoins such as RLUSD are meant to have a stable value, usually pegged against fiat currencies such as the U.S. dollar. Stablecoins like RLUSD allow crypto traders to enter and exit the market effortlessly. Companies also use them to make fast and inexpensive cross-border payments.
Also Read: Ripple Mints 1M More RLUSD Tokens, Market Cap Nears $110M
