As a seasoned crypto investor with years of experience navigating the volatile digital asset market, I find the recent surge in RLUSD trading volumes quite intriguing. Having seen my fair share of market fluctuations and trends, I’ve learned to read between the lines and spot potential growth opportunities.
remarkably, the trading activity for RLUSD, a digital currency, has significantly spiked. Over the last day, its trading volumes surged by an impressive 106%. As per data from CoinMarketCap, the trading volume for RLUSD recently hit $39 million in the past 24 hours, suggesting that this stablecoin is increasingly gaining ground in the market.
Most of the trading activity occurs between the RLUSD/USDC pair on the Bullish platform, making up approximately 55.02%. This high percentage underscores a significant interest in RLUSD among users who are exchanging these two stablecoins. The BTC/RLUSD pair on Bullish accounted for around 23.15%, while the XRP/RLUSD pair contributed about 12% to the total trading volume.
The digital currency known as RLUSD, which maintains a fixed value equivalent to the U.S. dollar, is available on both the XRP Ledger and Ethereum blockchain platforms. This coin can be used in numerous scenarios such as international money transfers and decentralized financial services.
Ripple stablecoin debuts on crypto exchanges
On December 17th, Ripple’s US Dollar-backed token (RLUSD) was launched globally. It initially became available on platforms like Uphold, MoonPay, CoinMENA, Archax, and Bitso. More listings on additional platforms are expected in the coming weeks.
On December 24th, Bullish platform activated the Regional School District (RLUSD), enabling eligible areas to trade these markets: US Dollar (USDC) against RLUSD, Bitcoin (BTC) vs RLUSD, XRP versus RLUSD, Ethereum (ETH) with RLUSD, USD and Euro (EUR) in relation to RLUSD, and Solana (SOL/RLUSD).
That very day, RLUSD was introduced for the first time on Independent Reserve, a pioneering cryptocurrency exchange in Singapore that decided to list this stablecoin.
The launch of RLUSD (Ripple-issued USD stablecoin) signifies a fresh phase not just for the XRP Ledger but also for Ripple, as it can now be utilized within Ripple’s payment systems. While stablecoins have traditionally been employed for trading purposes, various other applications have surfaced, and Ripple is keen on incorporating one to strengthen its current business model.
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2024-12-28 18:20