Ripple’s RLUSD Stablecoin Grows 85%, Gets Integrated into Cross-Border Payments

In the last 24 hours, Ripple’s native stablecoin, Ripple USD (RLUSD), has seen a massive spike in trading volume, reaching nearly US$100M (AU$157M), an increase of nearly 85% from yesterday. 

Its market capitalisation also grew to US$293.6M (AU$469.5M), which is an increase of over 20.4%, according to data from CoinMarketCap. The Community Sentiment metric also skyrocketed to 96% on the crypto-tracking platform.

Jack McDonald, Ripple’s Senior Vice President of Stablecoins, noted in a statement that the token’s growth is “outpacing […] internal projections,” with adoption spanning multiple financial sectors:

We’re seeing the market cap continue to grow, outpacing our internal projections. In short order, RLUSD is being used for a number of use cases, including use as collateral in both crypto and tradfi trading markets. New exchanges are listing RLUSD on an ongoing basis and we’re actively working with NGOs who see the opportunity to streamline giving through stablecoins.

Jack McDonald, Ripple’s Senior Vice President of Stablecoins

The increase in trading volume came shortly after Ripple integrated RLUSD into its cross-border payment solution (Ripple Payments). According to the press release, the integration is part of Ripple’s objective to serve global treasury operations for select customers. There are also plans to extend the stablecoin’s use across its broader ecosystem over time.

Related: Mastercard to Bring a “Venmo-Like” Experience to Blockchain Payments

RLUSD Joins Kraken

In more positive news for the Ripple community, popular crypto exchange Kraken recently joined the growing list of platforms supporting RLUSD, following recent listings on LMAX, Bullish, and Bitstamp. 

Related: Broke Perth-based Crypto Trader Sentenced to 25 Years for Murdering Mother in $1.15M Insurance Plot

Ripple entered the stablecoin market last December after receiving regulatory approval from the New York Department of Financial Services. Many highlighted the move as bold, given how fierce and challenging the stablecoin market is, dominated by two particular giants: Tether’s USDT and Circle’s USD Coin (USDC), with the latter recently filing for an IPO, as Crypto News Australia reported.