XRP in the spotlight: RLUSD raised $100 million amid Ripple's payment growth

Since April 1, over $100 million in Ripple USD (RLUSD) has been issued, marking one of the highest figures in recent months as demand for the relatively new stablecoin rises. On Tuesday, a tranche of RLUSD amounting to $50 million was issued, followed by another on Wednesday evening after Ripple added the stablecoin to its official payment product, with payment providers BKK Forex and iSend already stating they are using the stablecoin.

Industry leaders expect that RLUSD will further change the dynamics of the cryptocurrency market, where newcomers Tether (USDT) and USD Coin (USDC) may face competition from Ripple's product. Decentralized finance (DeFi) applications built on the XRP Ledger could serve as examples of how RLUSD is gaining popularity across various platforms, increasing demand for XRP tokens.

RLUSD is a stablecoin pegged to the US dollar at a 1:1 ratio, offered on the XRP Ledger and Ethereum blockchain. It is fully backed by dollar deposits, short-term U.S. Treasury bonds, and cash equivalents.