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Ripple’s stablecoin pegged to the US dollar, RLUSD, has experienced a 106% increase in trading volume in the last 24 hours. According to CoinMarketCap data, the trading volume reached 39 million dollars. This surge highlights the growing interest in RLUSD within the market.
Market Performance of RLUSD
The majority of RLUSD’s trading volume originates from the RLUSD/USDC trading pair on the Bullish exchange. This pair accounts for 55.02% of the total volume, while the BTC/RLUSD and XRP/RLUSD pairs contribute 23.15% and 12%, respectively. RLUSD was launched after receiving approval from the New York Department of Financial Services and is pegged to the US dollar at a 1:1 ratio.
The reserves backing RLUSD include cash deposits and commercial papers. This stablecoin is actively traded on platforms such as Uphold, MoonPay, and Bitso. By offering transparency and reliability, RLUSD is increasing its popularity in the cryptocurrency market.
Innovations on XRPL
RLUSD was launched by Ripple 
$2 on the Ethereum 
$2,642 and XRP Ledger (XRPL) networks. The XRPL network is noted for its capacity to handle 1,500 transactions per second and a transaction completion time of 3-5 seconds. This performance offers both speed and cost advantages, while Ethereum integration allows access to a broad ecosystem of decentralized applications.
CryptoQuant analyst Maartunn notes a significant increase in activity on the XRPL network in recent weeks. This uptick indicates high demand for network usage. However, DefiLlama data suggests that the total value locked (TVL) on XRPL has decreased by 20% since December, falling to 58 million dollars, indicating a downward trend despite increased transactions.
RLUSD’s rise aims to further strengthen Ripple’s position in the cryptocurrency market. The stablecoin is expected to be listed on more platforms, and its performance in the upcoming period is anticipated to significantly influence market dynamics.
