Ripple's RLUSD Surpasses $120M Milestone, XRP Ledger Outshines Ethereum
1min read Ripple's RLUSD stablecoin has reached a significant milestone, with its total supply now exceeding $120 million. This achievement comes as the XRP Ledger gains traction and outshines Ethereum amid rising adoption. According to data from CryptoQuant, the total supply of RLUSD has reached $120.8 million, with the majority of the supply, approximately $83.4 million, held on Ethereum, and about $37.4 million on the XRP Ledger.
The XRP Ledger has dominated supply growth in recent weeks, while the stablecoin's supply on Ethereum has cooled after an initial burst. CryptoQuant's J.A. Maartunn attributes RLUSD's recent momentum on the XRP Ledger to lower transaction fees compared to the Ethereum network and the swift integration of the token into the XRP Ledger's decentralized finance (DeFi) ecosystem.
Maartunn anticipates increasing adoption of RLUSD in the coming months, particularly in Europe, as regulations such as the Markets in Crypto-Assets (MiCA) lead to delistings of other stablecoins like Tether's USDT. RLUSD's fast growth follows its regulated trading debut on Ethereum mainnet and the XRP Ledger on December 17, with listings on leading trading platforms such as Bitstamp, Revolut, Uphold, and CoinMENA after receiving approval from the New York Department of Financial Services.
Despite reaching the $120 million milestone, RLUSD still lags behind other established stablecoins in the market. Circle's USDC has a market cap of $56 billion, while Tether's USDT leads the market with a cap of $141.6 billion. Meanwhile, XRP's price has remained relatively stable, with a 0.3% change over the past day, trading at $2.67.
