49,971,274 RLUSD: Ripple Stablecoin Sets New Record

The Ripple USD stablecoin ($RLUSD) has just hit a major milestone. According to Sentora (formerly IntoTheBlock), the total amount of $RLUSD borrowed on DeFi platform Euler Finance has surged to a new all-time high of 49,971,274 $RLUSD. This figure highlights the growing adoption of the Ripple stablecoin on decentralized finance (DeFi) markets.

This is significant, as $RLUSD was listed on Euler Finance in late May, allowing users to borrow, lend or use it as collateral. The record-breaking borrowing activity signals rising demand for $RLUSD as a collateralized lending asset.

In another similar move, $RLUSD was added to the Aave V3 Ethereum Core market in April, allowing users to supply and borrow the digital asset.

Amid rising demand, 29 million $RLUSD have been minted since June 13, with 10 million $RLUSD being minted on June 18, as reported. Ripple USD stablecoin's circulating supply is currently at 415.74 million.

In addition to Ripple's $RLUSD, XRP Ledger is home to other stablecoins, including Circle's USDC stablecoin, StraitsX's XSGD, Schuman Financial's EURØP and BrazaBank's USDB stablecoin.

Stablecoin market hits new highs

Stablecoin market capitalization has topped $250 billion. The overall market capitalization of stablecoins recently reached a new high after the United States Senate passed a bill to regulate the industry, a significant step toward legitimizing a once niche but now rapidly expanding segment of the cryptocurrency market. According to CoinMarketCap data, the market capitalization of stablecoins is now $255.5 million, up more than 22% this year.

The U.S. Senate passed stablecoin legislation establishing legal standards for cryptocurrencies pegged to the dollar, in a significant victory for the burgeoning crypto industry.

Stablecoin usage has skyrocketed in recent years, and analysts predict the industry to expand much further once the U.S. legislation is implemented.