Ripple’s RLUSD Stablecoin Grows to 120 Million

Ripple’s USD-pegged stablecoin, RLUSD, has reached a total supply of 120 million just two months after its official launch. This token, which is associated with both Ethereum and the XRP Ledger (XRPL), has seen increased activity and is actively utilized in the cryptocurrency market.

Blockchain data firm CryptoQuant reported that the supply has expanded, leading to upgrades in the stablecoin. Initially, stablecoins showed more activity on the Ethereum blockchain, but adoption has gradually shifted towards the XRPL, owing to lower transaction fees.

Adoption and Exchange Listings

The credibility of RLUSD is enhanced through multiple listings on exchange platforms. Recently, the stablecoin was integrated into the Margex trading platform, which offers high leverage trading. Additionally, an asset under NYDFS was listed on Zero Hash, increasing its accessibility.

Another significant milestone was RLUSD’s integration with the popular financial app, Revolut. These developments have contributed to the growth of the stablecoin’s supply and its expansion into various financial sectors.

There are indications that RLUSD may further expand into other networks. Cardano founder Charles Hoskinson has suggested plans for integrating RLUSD into the Cardano blockchain. If this occurs, it could lead to greater accessibility.

Before RLUSD’s official launch, Ripple conducted test minting on both Ethereum and the XRPL in August. The trend has recently favored the XRPL due to its lower transaction costs compared to Ethereum. Currently, the XRPL holds 37.4 million RLUSD, while Ethereum’s supply has decreased to 83.3 million.

Increased adoption of RLUSD on the XRPL has also stabilized the XRP market, influencing the price patterns of altcoins due to high demand for stablecoins. At present, XRP is priced around $2.64, marking a 3% decline over the last 24 hours. According to Coingecko, RLUSD’s market cap currently stands at $108 million.

Analysts anticipate that RLUSD’s growth will positively influence XRP prices in the long term. Ongoing adoption of XRP, fueled by RLUSD and other factors, leads some to predict the token might reach $250 by 2026. Observers have noted that movements by large investors could ignite the next surge in prices.