Reports indicate that RLUSD stablecoin trading volumes have surged by 106% during the past day. According to CoinMarketCap, RLUSD’s trading volume has reached $39 million in the last 24 hours, suggesting that this stablecoin is becoming more popular.
Bullish Exchange Trading RLUSD Leads
The fast-changing world of cryptocurrency attracts traders seeking trustworthy and safe transactions to new stablecoins. The stablecoin Ripple USD (RLUSD) is making waves. CoinMarketCap reports that RLUSD trading volume has increased 106% in 24 hours. This spike has raised its 24-hour trading volume to $39 million, indicating rising demand for the coin.
With 55.02% of the exchange’s total trade volume going towards the RLUSD/USDC pair, it’s clear that RLUSD is being heavily sought after by customers transferring between these stablecoins. Trading volume on Bullish was 235.15 per cent for BTC/RLUSD and 12% for XRP/RLUSD. The native issuance of one-to-one USD-pegged RLUSD on the Ethereum and XRP Ledger networks has multiple possible applications, including decentralized banking and international money transfers.
Ripple launches as a stablecoin
On December 17th, Ripple USD (RLUSD) was trading on multiple markets all around the globe. Bitcoin, Bitso, Uphold, MoonPay, CoinMENA, and Archax were involved. Future listings are anticipated to be added in the upcoming weeks. On December 24, these markets were made available to eligible locations: RLUSD/USDC, BTC/RLUSD, XRP/RLUSD, ETH/RLUSD, USD/RLUSD, EUR/RLUSD, and SOL/RLUSD. RLUSD entered the market on a bullish note.
On the same day that RLUSD was launched, Independent Reserve became the first Singaporean cryptocurrency exchange to put it on listing. In their separate payment flows, Ripple and XRP Ledger have reached a new phase with the creation of RLUSD. Even though stablecoins have mostly functioned as a means of exchange, new uses have emerged for them, and Ripple is eager to acquire one to strengthen its present offerings.
Volume and popularity boost confidence
Significantly increased trade volumes are one of the most noticeable aspects of RLUSD’s present performance. The RLUSD/USDC pair accounts for around 55.02 percent of all trading on the Bullish exchange. A prime example of the high demand for RLUSD is its dominance, particularly among users who trade it for USDC and another stablecoin.
The fact that the trading volume for the BTC/RLUSD pair surged by a whopping 235.15% further indicates that RLUSD is gaining traction as a bridge between stablecoins and the more volatile cryptocurrencies such as Bitcoin. With RLUSD’s growing integration with Ripple’s native coin, XRP, the XRP/RLUSD pair also saw a 12% gain.
Summary
Ripple’s RLUSD stablecoin trading volumes have climbed 106%, demonstrating the cryptocurrency giant’s growing popularity. The stablecoin’s one-to-one peg with the US dollar and compatibility. However, Ethereum and XRP Ledger are useful for decentralized banking, international money transfers, and more. Ripple is expanding RLUSD’s use cases and forming important collaborations to consolidate its leadership in blockchain-based finance. Due to its stablecoin status and market performance, RLUSD is attracting large and small customers.
