Ripple‘s RLUSD appears set to take on industry leaders in the stablecoin space. Since its official launch on Dec. 17, 2024, RLUSD has gained traction among cryptocurrency traders. RLUSD, in the last 24 hours, has seen its trading volume surge above DAI’s.
Surge in RLUSD trading volume
According to CoinMarketCap data, RLUSDs trading volume has soared by 39.03% to $127.26 million. This suggests increased interest from traders in adopting the stablecoin for their crypto-ecosystem transactions.
DAI, on the other hand, registered a trading volume below $100 million. In the last 24 hours, DAI has experienced a significant decline of 21.14%. This leaves it with a trading volume of $95.35 million within the same time frame as RLUSD.
Market observers consider this a significant development given that DAI is the third largest stablecoin issuer after USDT and USDC. While it is still early, some predict that RLUSD could later displace DAI regarding users preferences if it sustains the current momentum.
RLUSD has maintained relative stability in its peg with the U.S. dollar, with its all-time low at $0.9911. This occurred four days after its official launch on the market.
Comparatively, DAIs all-time low record in its depegging journey is $0.8970. Notably, this figure was recorded over two years ago.
RLUSDs expansion and market adoption
Overall, the surge in RLUSDs trading volume could flow from its rapid expansion and listing on different exchanges. Aside from the few exchanges it debuted on as of Dec. 17, 2024, RLUSD has made fresh moves in different regions.
Bitstamp, Europe‘s leading crypto exchange, has listed RLUSD and added six trading pairs to the stablecoin product. This will help fuel the growing adoption of RLUSD under the EU’s MiCA laws. Despite this, the token is yet to be listed on some top platforms like Coinbase.
However, Monica Long, Ripple‘s president, has assured users that more listings will come soon on major exchanges. This development could increase RLUSD’s trading volume as more listings go mainstream.
