RLUSD is a USD-pegged stablecoin issued by Ripple, currently with a market cap of over 500 million USD after 7 months of launch.
Issued on both the XRP Ledger and Ethereum platforms, RLUSD ranks among the top 20 USD stablecoins globally, maintaining stable liquidity with a daily trading volume of approximately 26 million USD.
MAIN CONTENT
RLUSD has achieved a market capitalization of over 500 million USD in just 7 months.
This stablecoin is backed by cash and short-term US government bonds.
The global USD stablecoin market is nearing the 250 billion USD mark, accounting for over 95% of the total stablecoin capital.
What is RLUSD and on what platform is it issued?
RLUSD is a stablecoin pegged to the value of the US dollar, issued by Ripple, operating on both the XRP Ledger and Ethereum blockchains. This allows RLUSD to reach a diverse range of users and increase liquidity.
According to a report from The Block in July 2024, RLUSD has quickly entered the top 20 USD stablecoins, demonstrating strong appeal thanks to its 1:1 peg mechanism and backing by real assets.
How is RLUSD backed to ensure stability?
RLUSD is backed by cash, cash equivalents, and short-term US government bonds, which are high liquidity and low-risk assets. This mechanism helps RLUSD maintain a near-absolute peg to the USD.
"We are working to develop a safe and transparent financial infrastructure through RLUSD, enabling users worldwide to easily access a reliable stablecoin."
Brad Garlinghouse, CEO of Ripple, 7/2024
What is the current liquidity and market size of RLUSD?
RLUSD has a daily trading volume of about 26 million USD, reflecting good liquidity and community trust. The total market cap of RLUSD has surpassed 500 million USD just 7 months after its launch, an impressive milestone for a newly launched stablecoin.
On a broader scale, the market capitalization of USD-pegged stablecoins is approaching 250 billion USD, accounting for more than 95% of the total value of the stablecoin market. This indicates that USD stablecoins are dominating the stable cryptocurrency segment.
What are Ripple's next plans with RLUSD?
Ripple is seeking a national trust bank license in the United States to directly manage customer deposits and issue RLUSD. This is a significant step to enhance the reliability and legal assurance for this stablecoin.
"Obtaining a banking license will enable Ripple to enhance the custody and issuance of RLUSD transparently, contributing to the sustainable development of the cryptocurrency ecosystem."
Brad Garlinghouse, CEO of Ripple, 4/2024
Comparing RLUSD with other popular USD stablecoins
Criteria RLUSD USD Stablecoin vs Others (USDT, USDC…) Market Cap 500 million USD (7 months) From several billion to tens of billions of USD Issuing Platforms XRP Ledger, Ethereum Ethereum, Tron, Solana, Algorand… Asset Backing Cash, cash equivalents, US government bonds Cash, bonds, or other assets depending on the type Daily Trading Volume 26 million USD Hundreds of millions to several billion USD
Frequently Asked Questions
What is RLUSD?
RLUSD is a USD-pegged stablecoin, issued by Ripple on XRP Ledger and Ethereum, backed by cash and US government bonds.Is Ripple's stablecoin safe?
Backed by real assets and seeking a trust banking license in the United States, RLUSD is very safe and legally transparent.Is the trading volume of RLUSD large?
RLUSD has a daily trading volume of about 26 million USD, demonstrating good liquidity and widespread use among investors.What are Ripple's plans for RLUSD in the future?
Ripple aims to seek a banking license to issue and hold money directly, enhancing the safety and acceptance of RLUSD.What is the current state of the USD stablecoin market?
The USD stablecoin market has reached nearly 250 billion USD, accounting for over 95% of the global stablecoin market share, and continues to grow steadily.
Source: https://tintucbitcoin.com/stablecoin-rlusd-ripple-vuot-500-trieu-usd/
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