XRP Ledger is becoming one of the major global stablecoin settlement networks, particularly in Latin America.
New statistics demonstrate that the platform is growing in the usage of minting and transferring fiat-pegged digital assets, with significant traction in Brazilian real-backed tokens.
Surge in BRL-backed stablecoin activity
The number of activities related to stablecoins in the XRP Ledger has significantly increased. The following month of July saw a sharp rise in these transactions of Brazilian real-pegged assets. The BBRL token of BrazaBank topped the list, having minted over $4.2 million in September of last year, as per Dune Analytics data. BRL is currently the second largest BRL-bound Cryptocurrency after Transfero Groups BRZ.
Christianity and the well-being of its adherents are dead, and everyone hopes someday to have a chance to make the world a better place. BRZ now dominates in regard to market cap, but it has been experiencing a decrease in the rate of growth over the past few months. Conversely, BBRL has achieved a fast market share, and institutional participants are venturing into the field of stablecoin.
Increased use of RLUSD highlights broader utility
XRP Ledger is emerging in the US dollar-pegged stablecoins as well. The past few months have witnessed an increase in the number of daily transactions on RLUSD, which is based on Tron coming up to 12,000 as opposed to 5,000 transactions per day. This community signifies increasing confidence rates in XRPL as stablecoin infrastructure.
The augmentation of RLUSD indicates that XRPL can be used worldwide rather than just in the region. It is also an indicator of developing the use of the ledger as an underlying layer of fiat-pegged cryptocurrencies. As inflation and currency fluctuation rise in various areas, the need to find an answer to stable digital currencies also increases.
New tokens reshape stablecoin landscape on XRPL
BBRL is also posing a great threat to BRZ’s market lead. Adding to its position, it is supported by BrazaBank, and institutional activities are still ongoing. July proved to be a milestone month for BBRL as it came along with increased support from institutions and minting.
The XRP Ledger’s low costs and scalability endear it to more banks and fintech companies. Such organizations are experimenting with stablecoins in payments, remittances, and tokenised assets. The trend also indicates that there will be more dependence on XRPL as a cheap cross-border value transfer system.
The events on the XRPL suggest that the pegged tokens to BRL and USD are just the beginning. Euro—and peso-backed resources are still in the initial pilot implementation phase, which suggests a possibility of wider usage.
The post XRP Ledger Gains Momentum as Global Hub for Stablecoin Settlements first appeared on Coinfea.
