Ripple’s regulated stablecoin RLUSD has achieved a significant milestone, reaching a total supply of $120 million. The XRP Ledger now hosts more RLUSD than Ethereum, marking a crucial shift in the stablecoin’s ecosystem.
RLUSD’s Rapid Growth on XRPL
The XRP Ledger currently holds 37.4 million RLUSD tokens, while Ethereum’s share has plateaued below 83.3 million. This shift highlights XRPL’s growing appeal for stablecoin transactions. Lower transaction fees on XRPL have played a key role in this transition.
Transaction Activity Shows Strong Momentum
RLUSD’s adoption continues to surge. Daily transactions now exceed 600, with a total transaction count surpassing 160,000. These numbers show remarkable growth for a stablecoin launched just two months ago.
European Expansion and Market Impact
The upcoming MiCA regulations in Europe could boost RLUSD adoption. As regulatory pressures mount on other stablecoins, RLUSD’s regulated status positions it favorably in the European market.
Market Position and Competition
While $120 million marks significant progress, RLUSD still trails major players. USDC holds $56.5 billion in market cap, while USDT leads with $142 billion. However, RLUSD’s regulated status and growing adoption suggest strong potential for market share growth.
XRP Price Analysis
XRP currently trades at $2.61, facing resistance at the 0.618 Fibonacci level ($2.77). A breakthrough could target $3.05 and $3.40. Support remains strong at $2.58.
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Tags: #Ripple #RLUSD #Stablecoins #XRPLedger #CryptoRegulation
Source: Bitcoinist