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Ripple's native stablecoin, $RLUSD, has officially become the tenth largest stablecoin in the world as sentiment across the broader crypto market turns bullish.
This is coming amid a sudden flip in market sentiment as leading crypto assets and stablecoins show notable growth after several months of extreme weakness.
$RLUSD hits new milestone
According to data from SosoValue, $RLUSD has reached over $1.64 billion in market capitalization for the first time in just about a year after it launched.
Following a significant surge of over 72% in its trading volume over the last 24 hours, $RLUSD has achieved a new milestone in its market capitalization, bringing the asset to a top position in the list of stablecoins.
With this growing performance, $RLUSD has now become the ninth largest stablecoin by market capitalization in the world, outperforming the Tron-backed stablecoin, USDD.
The new milestone indicates increasing adoption of $RLUSD across the crypto ecosystem, as the stablecoin continues to gain traction among institutions and major platforms, all thanks to Ripple's continued partnerships and developments.
$RLUSD has also gained increasing adoption among payment providers and users seeking regulated blockchain-based payment solutions.
$RLUSD boasts major legal backing
$RLUSD's rapid growth in just about a year of its launch is also attributable to the strong support it receives from major legal authorities.
Unlike many competitors, $RLUSD operates under the oversight of the New York State Department of Financial Services (NYDFS), strengthening its regulatory structure in the crypto space.
While $RLUSD was designed to support cross-border payments, the stablecoin has become the preferred payment method for institutions operating internationally.