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Ripple USD stablecoin, RLUSD, has experienced a remarkable 319% surge in trading volume over the past 24 hours, reaching $39.9 million, according to CoinMarketCap data. This surge comes as market participants show growing interest in Ripple's stablecoin offering.
Launched in December 2024, Ripple’s RLUSD stablecoin continues to gain traction. With a circulating supply of over $176 million and an increasing number of Ethereum mainnet addresses holding it, RLUSD is poised to become a major participant in the stablecoin sector.
In about three months since its launch, RLUSD has seen notable exchange listings. RLUSD was initially listed on many exchanges and crypto platforms, including Uphold, MoonPay, Archax and CoinMENA, followed by Bitso, Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve and Zero Hash.
Recently, LMAX Digital became the latest major cryptocurrency trading platform to list the Ripple USD (RLUSD) stablecoin.
Despite the spike in RLUSD volume over the last 24 hours, Ripple stablecoin minting has slowed, with the most recent minting event occurring on March 21, when seven million RLUSD tokens were minted. This suggests that while trading activity has recently increased, the supply side remains stable.
Stablecoin market experiencing big shift
The stablecoin market cap keeps growing, recently topping $234 billion. While these tokens are widely used to sidestep volatility, analysts believe that this liquidity could become the spark for the next market upswing once sentiment flips bullish.
As previously reported, Ripple CEO Brad Garlinghouse recently made a bold prediction about Ripple's stablecoin, RLUSD. In an interview with Bloomberg Television last Wednesday, shortly after it was announced that the SEC had dropped its appeal in the Ripple lawsuit, Garlinghouse predicted that RLUSD would be one of the top five stablecoins by the end of the year, with the stablecoin sector set to expand dramatically.