Ripple's RLUSD stablecoin is rapidly gaining traction, becoming one of the fastest-growing assets in the cryptocurrency market. Recent data from DeFillama indicates that RLUSD's circulating supply increased by 47% this month, reaching $455 million, with over $150 million added in June alone. Approximately $390 million of this supply is on the Ethereum network, while $65 million is on Ripple's XRP Ledger. The supply on Ethereum has nearly quadrupled since January, according to Token Terminal. Analysts attribute this growth to several factors, including the US GENIUS Act, which offers clear regulatory guidelines for dollar-backed stablecoins, fostering further sector growth. Additionally, Ripple's improved legal standing with the SEC enhances RLUSD's market appeal. Following a lengthy legal battle, Ripple CEO Brad Garlinghouse announced the company would drop its cross-appeal, potentially restoring confidence in RLUSD. Launched in December 2024, RLUSD is a US dollar-pegged stablecoin backed by short-term Treasurys and cash, now also approved by the Dubai Financial Services Authority for use in various virtual asset services. Read more AI-generated news on: https://app.chaingpt.org/news

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