Ripple's Stablecoin $RLUSD Crosses $2B Market Capitalization
Ripple's $RLUSD market capitalization has crossed the $2 billion mark, according to data from RWA.xyz. This milestone was achieved last week, with close to $1 billion issued on the XRP Ledger.
The $RLUSD token is designed to maintain a value of $1 through reserves containing cash and permitted cash equivalents, held in segregated accounts. Deloitte conducts monthly reserve attestations for Ripple.
The market capitalization represents an eightfold increase from its level during the first four months after launch, when it was approaching $250 million in market capitalization. Ripple reported that $RLUSD was being integrated into Ripple Payments for cross-border transactions, treasury operations, and institutional settlement at the time.
The growing issuance of $RLUSD has contributed additional dollar-denominated liquidity to the XRP Ledger's trading and payment infrastructure. The stablecoin could also support institutional credit if two proposed amendments receive validator approval, as part of an initiative involving Clearpool and Cicada Partners.