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Ripple's stablecoin RLUSD hits a new record

Just two weeks after launch, Ripple USD is already gaining popularity.

By Mike Hesp
• 2 min read
Ripple's stablecoin RLUSD hits a new record

Just two weeks after launch, Ripple USD is already gaining popularity. Last Saturday afternoon, its trading volume approached $40 million, marking a new daily record for this young token. Launched on the XRP Ledger and the Ethereum blockchain, Ripple Labs is pushing to open new markets and positions RLUSD as a serious alternative to existing stablecoins like those from Tether and Circle.

According to data from CoinMarketCap, RLUSD trading volume jumped 106% compared with the day before, with a large share of the volume attributed to RLUSD/USDC trading on the crypto exchange Bullish, which is mainly aimed at institutional investors.

In October, Ripple Labs announced partnerships with several prominent crypto exchanges including Bullish, Bitstamp, Uphold, Bitso, MoonPay, Independent Reserve, and CoinMENA as trading partners for the new dollar-backed stablecoin.

Stablecoins currently have a market capitalization of more than $210 billion, with nearly all leading tokens pegged to the world reserve currency, such as USDT and USDC.

Shortly before RLUSD's launch, Ripple's CTO David Schwartz warned crypto investors: “Don't blindly chase FOMO into a stablecoin! This isn't a get-rich-quick opportunity.” Notably, an early investor was willing to pay $1,200 for one RLUSD.

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