RLUSD Surpasses $2 Billion Market Cap as Ripple Expands Use Cases
Ripple's RLUSD stablecoin has reached a significant milestone, surpassing $2 billion in market capitalization. This achievement comes less than two years after its launch.
According to Ripple's Senior Vice President of Stablecoins, Jack McDonald, more than $1 billion worth of RLUSD has been issued on the XRP Ledger alone.
Ripple is expanding RLUSD beyond trading, aiming to use it for payments, settlements, and credit in tokenized financial markets. The company wants RLUSD to be used as the dollar-based payment asset for transactions involving tokenized assets, making it more useful to banks and other financial institutions.
The move also adds value to the XRP Ledger, which can continue to support other activities on the network while RLUSD is used for dollar-based payments. Bybit's RLUSD program has passed $50 million in deposits through its Hold & Earn program, with a second phase offering higher rewards on XRP and RLUSD.