Trading volumes for the RLUSD stablecoin have increased, as reported, by 106% in the last day. Reports from CoinMarketCap show that the trading volume of RLUSD has hit $39 million in the past 24 hours, indicating that this stablecoin is gaining popularity.
RLUSD Dominates Bullish Exchange Trading
The Bullish exchange’s top trading pair, RLUSD/USDC, accounts for about 55.02% of all trade volume, indicating that RLUSD is in high demand among users who are making transactions between these two stablecoins. Volume on Bullish was 235.15 per cent for the BTC/RLUSD pair and 12% for the XRP/RLUSD pair.
One-to-one USD-pegged RLUSD is natively issued on the Ethereum and XRP Ledger networks and has several potential uses, such as decentralized banking and international money transfers.
Ripple stablecoin debuts on crypto exchanges.
On December 17th, Ripple USD (RLUSD) was active around the world on several platforms. These included Uphold, MoonPay, CoinMENA, Archax, and Bitso. Additional listings are expected to follow in the coming weeks. The following markets were made available to qualified locations on December 24: RLUSD/USDC, BTC/RLUSD, XRP/RLUSD, ETH/RLUSD, USD/RLUSD, EUR/RLUSD, and SOL/RLUSD. RLUSD went live on Bullish.
Independent Reserve was the first cryptocurrency exchange in Singapore to list RLUSD on the same day it debuted. With the launch of RLUSD, Ripple and XRP Ledger have entered a new phase in their respective payment flows. Although stablecoins have mostly served as a medium of exchange, new applications have arisen, and Ripple is keen on acquiring one to bolster its current operations.
Bullish in Volume and Popularity
Significantly higher trade volumes are among the most striking features of RLUSD’s current performance. About 55.02 per cent of all trades on the Bullish exchange include the RLUSD/USDC pair. This domination exemplifies the significant demand for RLUSD, especially among users that engage in transactions between RLUSD and USDC, two stablecoins.
In addition, the trading volume for the BTC/RLUSD pair increased by a staggering 235.15%, showing that RLUSD is becoming more popular as a link between stablecoins and more unpredictable cryptocurrencies like Bitcoin. As RLUSD becomes more integrated with Ripple’s native cryptocurrency, XRP, the XRP/RLUSD pair also increased by 12%.
Summary
Ripple’s RLUSD stablecoin has grown 106% in trading volumes, demonstrating its growing prominence in cryptocurrencies. The stablecoin’s one-to-one peg with the US dollar and integration with Ethereum and XRP Ledger makes it useful for decentralized finance, international money transactions, and more. By expanding RLUSD’s use cases and forming strategic collaborations, Ripple is establishing this stablecoin as a leader in blockchain-based finance. The acceptance and market performance of RLUSD is making it a popular stablecoin for retail and institutional users.
FAQs
Which trading pair dominates Bullish Exchange?
The RLUSD/USDC pair accounts for 55.02% of all trades on Bullish Exchange, indicating high demand.
On which networks is RLUSD issued?
RLUSD is natively issued on the Ethereum and XRP Ledger networks.
Where was RLUSD first listed in Singapore?
RLUSD debuted on Independent Reserve, the first exchange in Singapore to list it.
How has RLUSD performed in BTC and XRP pairs?
The BTC/RLUSD pair saw a 235.15% volume increase, and XRP/RLUSD rose by 12%.
