u.today
Ripple USD ($RLUSD) stablecoin has broken into the top 50 crypto ranking for the first time since the start of this year. The stablecoin has flipped popular altcoins like Ethereum Classic (ETC) as its circulating supply surpassed $1.493 billion.
$RLUSD and growing adoption
After many failed attempts, the $RLUSD stablecoin is now the 44th biggest digital currency, hedging out Near Protocol (NEAR), Aster and Internet Computer.
The entry of $RLUSD into the elite list comes in the wake of the ongoing onslaught in the crypto industry. The Bitcoin price has fallen below the $70,000 support zone, in line with predictions from Peter Brandt. Ethereum is down 8.25% to $2,050, and XRP has shed over 27% in the past week to $1.36.
This spot sell-off and futures deleveraging have placed an advantage on $RLUSD; however, it also creates a very unique twist. The stablecoin may swiftly lose its ranking if the market recovers in the medium to long term.
For now, the $RLUSD minting spree by Ripple Labs is helping to boost its overall outlook. The stablecoin is one of the newest on the market but has managed to beat a crucial adoption and supply milestone.
Growing $RLUSD integrations
Beyond the boost in the circulating supply, the plans Ripple has for $RLUSD are such that the stablecoin can power real-world activities.
The blockchain payments firm is fulfilling these plans with new integration announcements unveiled for $RLUSD since its official launch. In the latest U.Today report, Ripple launched $RLUSD on Binance, setting it up for more mainstream adoption.
Ripple Labs has also placed $RLUSD at the heart of its businesses. Most of its current alliances and integration features $RLUSD as the primary liquidity source. The overall adoption of the stablecoin is showing in its on-chain volume, which has jumped by 69% despite the current market sell-off.