Ripple’s USD-pegged stablecoin, RLUSD, has reached a total supply of 120 million just two months after its official launch. The token associated with both Ethereum and the XRP Ledger (XRPL) has increased and is actively used in the cryptocurrency market.
Blockchain data firm CryptoQuant noted that the supply expanded, which led to the upgrade. At first, stablecoins exhibited more activity on the Ethereum blockchain. However, the trend of adoption has shifted over time to select XRPL, reflecting the relatively cheaper fees of the transactions.
Adoption and exchange listings
The credibility of RLUSD is boosted through multiple listings on the exchange platforms. The stablecoin has recently been integrated into the Margex trading platform that offers high leverage trading. Also, an asset under NYDFS got a listing on Zero Hash, making it more accessible in addition to its expansion.
Another key milestone was RLUSD’s integration with the popular financial application Revolut. These factors have enabled the expansion of the stablecoin supply and an expansion into a variety of financial industries.
RLUSD may expand across its networks. Cardano founder Charles Hoskinson has hinted at plans to integrate the RLUSD into the Cardano blockchain. If successful, this could increase its accessibility.
Prior to RLUSD’s official launch, Ripple performed test minting on Ethereum and the XRPL in August. A push towards it has been seen recently as it costs less than Ethereum in terms of transaction fees. Currently, the XRPL has 37.4 million RLUSD, while Ethereum’s RLUSD supply has fallen to 83.3 million.
More adoption of RLUSD in the XRPL has also improved the steadiness of the XRP market. This has impacted the price pattern of altcoins since their use and demand for stablecoins are high. As of the time of writing, XRP was around $2.64, registering a 3% decline in the last 24 hours. According to Coingecko, the market cap of RLUSD currently stands at $108 million.
Analysts predict that the RLUSD growth will boost XRP prices in the long run. The continued adoption of XRP due to factors such as RLUSD, amongst other factors, has seen the token anticipated to hit $250 by 2026. Analysts have hinted that the whale movements could trigger the next rallying points in prices.
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