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Ripple’s new stablecoin RLUSD has gained remarkable traction in the crypto market, with a total supply now reaching $120 million.
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The growth trend of RLUSD underscores the increasing popularity of regulated stablecoins, especially within the XRPL ecosystem.
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As reported by CryptoQuant, XRP’s value surged 12.8% over the past week, illustrating a direct correlation between RLUSD’s performance and XRP’s market movement.
Discover how RLUSD’s $120 million supply milestone impacts XRP and the XRPL ecosystem in our in-depth analysis.
RLUSD supply hits $120 million
According to a report from CryptoQuant, RLUSD has achieved a significant milestone, experiencing exponential growth, with its total supply hitting $120 million. This surge highlights the increasing interest in and adoption of regulated stablecoins within the cryptocurrency market.
Source: CryptoQuant
As of the latest data, XRPL holds approximately 37.4 million RLUSD, which currently surpasses the holdings of Ethereum (ETH), while the total supply maintains under $83.3 million USD. This trend represents a shift, showing RLUSD’s growth accelerating on the XRP Ledger compared to its earlier days on Ethereum, attributed mainly to lower transaction fees on XRPL.
This significant milestone signals a broader acceptance of regulated stablecoins in the crypto marketplace and highlights the XRP community’s ongoing adoption and engagement with Ripple’s native token.
What it means for XRPL
The rising supply of RLUSD carries important implications for Ripple’s native token, XRP. As the holdings of RLUSD on XRPL continue their upward trajectory, the interconnectedness between RLUSD and XRP becomes increasingly evident.
Source: CryptoQuant
Recent statistics indicate a substantial rise in XRP adoption, evidenced by an increase of over 300,000 addresses in the past month, bringing the total to 6.6 million. This surge in users signifies heightened interest in the XRPL ecosystem, a crucial factor that could positively influence XRP’s market price.
Source: CryptoQuant
Moreover, liquidity within XRPL’s decentralized exchange (DEX) has reached a new high, peaking at $24.2 billion. This growth reflects increased user engagement and willingness to provide liquidity, marking a positive trend for XRP and RLUSD.
In summary, XRPL’s ongoing development and increased market favorability appear set to provide both XRP and RLUSD with opportunities for continued growth and adoption.
Conclusion
In conclusion, the growth of RLUSD to $120 million is not just a milestone for the stablecoin itself but also indicates a promising future for both the XRPL ecosystem and XRP. As user adoption rises and liquidity increases, XRP is well-positioned to reach critical price resistance points and maintain its upward momentum in the cryptocurrency market.
