Ripple USD (RLUSD) has seen a huge boost, with over $100 million issued since April 1, one of the highest releases in months
Crypto behemoth Ripple has seen huge demand for its dollar stablecoin, with over $100 million of Ripple USD (RLUSD) issued since April 1, one of the highest releases in months.
Industry experts believe RLUSD could reshape the crypto market, posing competition to major stablecoins like Tether (USDT) and USD Coin (USDC).
Earlier this week, Ripple issued $50 million worth of RLUSD on Tuesday, followed by another $50 million on Wednesday. This serge came after Ripple added RLUSD to its official payments system, further driving enterprise utility and demand for the asset. Well-known payment provisers like BKK Forex and iSend already have already started using it actively for transactions, increasing the adoption rate of RLUSD.
As RLUSD grows in popularity, XRPL-based DeFi apps are expected to benefit, increasing demand for XRP tokens.
RLUSD is a stablecoin pegged 1:1 to the U.S. dollar, available on both the XRP Ledger and Ethereum, fully backed by U.S. dollar deposits, short-term Treasuries, and cash equivalents.
Users can create RLUSD by depositing dollars with trusted partners or get cash by burning their tokens. The price stays stable through market actions: if RLUSD drops below $1, traders buy it to redeem at $1, increasing demand; if it’s above $1, they mint more, boosting supply.
It’s also secure for big investors. A new ‘clawback’ feature allows the issuer to recover tokens from wallets if there’s fraud, illegal activity, or accidental transfers.
According to the press release, since its launch in December 2024, RLUSD has gained strong global traction, reaching nearly $250 million in market cap and $10 billion in trading volume, showcasing the growing demand for a USD-backed stablecoin designed with enterprise-grade security and compliance in mind.
In addition to partners and exchanges LMAX Digital, Zero Hash, Bitstamp and Bullish, today RLUSD was recently made available on Kraken, one of the world’s longest-standing crypto exchanges, further extending access and availability to retail users.
