Ripple's recently launched stablecoin, RLUSD, surpassed PayPal USD (PYUSD) and EURC in 24-hour trading volume, showcasing its strength in the banking and decentralized finance (DeFi) sectors.
According to data shared on X by the Paul Barron Network, RLUSD recorded a daily trading volume of $35 million, outpacing PYUSD's $19.7 million and EURC's $12.4 million. This volume spike highlights the stablecoin's growing acceptance.
This achievement is particularly notable given that PYUSD benefits from PayPal's vast user base. However, RLUSD's integration with the XRP Ledger and focus on cross-border payments offer unique value propositions.
As a result, RLUSD significantly outperformed EURC and PYUSD, currently ranking fourth with $417.8 million in 24-hour trading volume, trailing only USDC, USDT, and FDUSD.
This stablecoin is part of Ripple's broader strategy to strengthen its presence in the banking industry and enter the DeFi market. RLUSD is also accessible on the Ethereum network, exposing a wide range of users to the XRP ecosystem and enabling them to utilize its strengths.
With RLUSD, Ripple aims to capture a portion of a market that is expected to reach $2 trillion by the end of this decade. This projection showcases the company's long-term aspirations in a domain where competitors like Tether and Circle pose a formidable challenge.
Monica Long, Ripple's president, has stated that RLUSD is intended to complement XRP rather than replace it. In a statement last June, she said, "The RLUSD stablecoin is designed as a complementary element to the XRP ecosystem," positioning the two assets as strategic pillars within Ripple's offering.
