- Ripple’s RLUSD stablecoin saw a 106% surge in trading volume, reaching US$39 million in 24 hours.
- RLUSD, launched recently with NYDFS approval, is a fiat-backed stablecoin pegged to the US dollar, with reserves including cash deposits and commercial paper, and is available on platforms like Uphold, MoonPay and Bitso.
Ripple’s RLUSD stablecoin has experienced a 106% increase in trading volume over the past 24 hours.
Data from CoinMarketCap shows RLUSD’s trading volume reaching US$39 million (AU$62.5 million), reflecting growing market interest.
Moving on, a significant portion of this volume, approximately 55.02%, comes from the RLUSD/USDC trading pair on the Bullish exchange, demonstrating strong demand for transactions between these stablecoins.
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The BTC/RLUSD pair contributed 23.15%, while the XRP/RLUSD pair accounted for 12% of the overall trading volume.
RLUSD was launched a few weeks ago after receiving approval from the New York Department of Financial Services (NYDFS). It’s a fiat-backed stablecoin pegged 1:1 to the US dollar, and its reserves include cash deposits, commercial paper, and other types of liquid assets.
It initially appeared on platforms such as Uphold, MoonPay, CoinMENA, Archax, and Bitso, with additional listings anticipated in the coming weeks.
RLUSD was built with a few peculiarities. For instance, it was launched both on the Ethereum (ETH) and the XRP Ledger (XRPL) networks. Therefore, the asset benefits from the speed and scalability of XRPL (which can settle transactions in 3-5 seconds on average and can handle around 1,500 transactions per second).
With Ethereum, RLUSD has access to a vast network of decentralised applications (RLUSD). Probably Ripple Labs’ smartest move.
An Increase in XRPL’s Speed, Down Goes TVL
Data from CryptoQuant analyst Maartunn reveals that the XRPL platform has experienced a rise in network activity over recent weeks.
The analyst noted that the XRPL’s velocity is nearing resistance on a descending trendline, suggesting increased network usage and a possible price movement. This uptick follows a sharp rise in XRP’s price after the US elections, with the token climbing from US$0.5319 (AU$0.85) on November 6 to a peak of US$2.82 (AU$4.53) on December 3, marking a 430% increase within a month.
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Unfortunately for the XRP community, the total value locked (TVL) on XRPL has declined since December 16, as per data from DefiLlama, going from over US$70M (AU$112M) to US$58M (AU$93M), representing a nearly 20% decrease.
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