Stablecoin Ripple USD (RLUSD) Surpasses $3 Trillion in Trading Activity One Month After Its Debut

The stablecoin Ripple USD (RLUSD) surpassed $3.02 trillion in total trading activity just over a month after its debut on centralized exchanges, according to a CCData report.

Stablecoin Ripple USD (RLUSD) has achieved remarkable success in a short span of time since its debut on centralized exchanges. According to a CCData report, RLUSD total trading activity surpassed an impressive $3.02 trillion, making it the fourth-largest stablecoin by trading volume.

In January alone, RLUSD recorded a staggering $2.84 trillion in trading volume as of Jan. 23. The stablecoin experienced its highest trading activity on Jan. 4, with a volume of $400 million.

The report also highlights that RLUSD had a circulating supply of $97.5 million as of Jan. 23, which is fully backed by reserve funds that exceed $104 million.

Among centralized exchanges, Bullish has emerged as the primary driver of RLUSD trading activity, accounting for 85.7% of its volume, or a total of $2.42 billion. Bitstamp follows as the second-most active exchange, processing $398 million in RLUSD trades.

Other exchanges that have listed RLUSD include Independent Reserve, Bitso and Mercado Bitcoin, further expanding its presence in the market.

The stablecoin was officially launched on Dec. 17, 2024, a week after Ripple received approval from the New York State Department of Financial Services (NYDFS) to issue a stablecoin.

Stablecoins surge to new heights

The broader stablecoin market also experienced a notable expansion in January. Total market capitalization increased by 5.68% to reach a record $215 billion. This marks the sixteenth consecutive monthly increase in stablecoin market capitalization.

Stablecoin dominance in the broader crypto market also climbed to 6.31%, up from 6.19% in December, reaching its highest since October.

The surge in stablecoin dominance coincided with a period of market consolidation following President Donald Trump’s inauguration.

However, despite the strong start to the year, stablecoin trading volumes on centralized exchanges appear to be on a downward trajectory. As of Jan. 26, these platforms recorded $1.71 trillion in stablecoin trading activity, suggesting that January’s total volume may fall short of December’s $2.66 trillion.

The report attributes the decline in trading activity to waning momentum following key market catalysts, including Trump’s return to office.

Among top stablecoins on centralized exchanges, Tether USD (USDT) saw its market share decline in January, falling to 82.4%. Meanwhile, First Digital USD (FDUSD) and USD Coin (USDC) saw their trading dominance rise to 8.77% and 8.50%, respectively.

The report notes that the change in stablecoin dominance reflects shifting market preferences as competition in the stablecoin sector intensifies.

Solana’s stablecoin supply

In January, Solana emerged as a major player in the stablecoin ecosystem, with the total supply of stablecoins on its network surging by 112% to a record $11.1 billion. This growth aligns with a wave of capital inflows to the network.

The spike in Solana’s stablecoin supply was notably driven by heightened decentralized exchange (DEX) trading activity following the launch of Donald Trump’s memecoin, Official Trump (TRUMP), on Jan. 18.

Since the introduction of the memecoin, Solana’s stablecoin supply has increased by 73.6%, pushing the network to become the third-largest blockchain for stablecoin supply, trailing only Ethereum and Tron.

USDC continues to dominate Solana’s stablecoin ecosystem, accounting for 77.9% of the network’s supply. It is followed by USDT, which has a 17.8% market share.

Additionally, First Digital Labs’ FDUSD debuted on Solana in January, expanding the network’s stablecoin assets to 30.