It seems like Ripple‘s RLUSD is poised to challenge leaders in the stablecoin market. Ever since its debut on December 17, 2024, RLUSD has been gaining popularity among cryptocurrency investors. In just the past day, RLUSD’s trading volume has soared beyond that of DAI.
Surge in RLUSD trading volume
Based on information from CoinMarketCap, the trading volume of RLUSD has significantly increased by 39.03%, reaching a total of $127.26 million. This surge indicates a growing enthusiasm among traders who are choosing to use this stablecoin for their crypto-related transactions.
Contrarily, DAI saw its trading volume fall below $100 million. Over the past 24 hours, DAI has experienced a substantial drop of approximately 21.14%. This places its trading volume at around $95.35 million during the same period, similar to RLUSD.
Experts in the market view this as a notable advancement because DAI currently ranks as the third largest stablecoin issuer, following USDT and USDC. Although it’s still too early to tell, some experts speculate that RLUSD could potentially overtake DAI in terms of user preference if it continues its current growth trend.
The Regional Local Utility Stablecoin (RLUSD) has generally held a steady connection to the US dollar, reaching its lowest point of $0.9911 since its inception. This significant dip happened just four days following its debut on financial markets.
In the course of its depegging experience, DAI has reached an all-time low of $0.8970 – a level last observed about two years back.
RLUSD’s expansion and market adoption
Overall, the significant increase in RLUSD’s trading volume might be due to its fast growth and listing on multiple stock exchanges. Additionally, since its initial debuts on various exchanges by Dec. 17, 2024, RLUSD has taken new steps into diverse markets.
Europe‘s premier cryptocurrency exchange, Bitstamp, has now made available Real-Life USD (RLUSD) and added six trading pairs to its stablecoin lineup. This move aims to boost the increasing use of RLUSD within the regulatory framework set by the European Union’s MiCA laws. Notably, however, this token is yet to be listed on prominent platforms such as Coinbase.
On the contrary, Monica Long, President of Ripple, has reassured users that we can expect more listings on prominent exchanges in the near future. With this expansion, there’s a good chance that the trading volume for RLUSD will grow significantly as more listings gain widespread popularity.
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2025-01-09 17:04