Ripple’s newly launched RLUSD stablecoin , a dollar-pegged asset, is gaining popularity. According to a post on X by Ripple Stablecoin Tracker, a community account that tracks RLUSD minting activity, $10 million RLUSD was minted in the last 24 hours. This increase in issuance shows that more people are interested in RLUSD, and it is on track to reach a market value of $500 million. RLUSD Market Cap Now Sit Above $400 Million Notably, according to data from CoinMarketCap , the RLUSD stablecoin now has a market value of about $415.67 million. This has been a significant increase since its launch, and it shows that users and institutions are looking for alternatives to existing stablecoins like USDT and USDC. Meanwhile, the recent minting activity shows a rise in Ripple’s confidence in its stablecoin strategy and suggests a growing integration into its expanding ecosystem. As Ripple works toward mainstreaming blockchain-based finance, RLUSD is becoming an important part of its infrastructure. Recall that RLUSD was launched with exciting features. The stablecoin allows users to send and receive payments globally. RLUSD also bypasses the limitations inherent in traditional banking hours as it operates 24/7, eliminating delays in international transactions. Other features include seamless on and off-ramps and access to value in real-world assets. This allows users to easily convert between RLUSD, fiat currencies, and other digital assets. RLUSD Adoption is Growing In January, RLUSD saw a 2000% growth in trading volume , becoming the fourth most traded stablecoin. Remarkably, Ripple’s stablecoin is now supported by major exchanges like Margex , Kraken, LMAX Digital, Bitstamp, Bullish, and Zero Hash. These listings are helping more retail and institutional users gain access to the stablecoin. The stablecoin officially became available in April on Aave’s V3 Ethereum Core Market. This move allows users to supply or borrow the stablecoin on the Aave platform. Intriguingly, this gives RLUSD a stronger role in decentralized finance (DeFi) and shows Ripple’s growing plans for the stablecoin. Ripple’s Plans for RLUSD Ripple wants RLUSD to be used in many ways, not just for trading. The goal is to make a valuable stablecoin for lending, borrowing, payments, and other DeFi services. The company also examines how RLUSD can work with centralized and decentralized platforms. Meanwhile, RLUSD is already being used as collateral in Ripple’s latest acquisition deal . The technology firm recently made the biggest crypto acquisition deal by buying Hidden Road, a global broker, for a whopping $1.25 billion. RLUSD’s role in this acquisition shows its growing role in big financial transactions. The post Ripple’s RLUSD Stablecoin Eyeing $500 Million Supply Milestone appeared first on TheCoinrise.com .
