Ripple's RLUSD hits record $2.44B market cap, growth driven by Ethereum
- —RLUSD market cap rose from $1.72 billion to $2.44 billion over 30 days (+41%)
- —$1.37 billion of RLUSD is issued on Ethereum, versus $1.05 billion on the XRP Ledger
- —In late July the proportion was reversed, with more on the XRP Ledger
- —RLUSD accounts for 1.3% of USDT's size ($183.4 billion) and 3.3% of USDC's ($74.3 billion)
Why it matters: RLUSD's growth intensifies competition in the stablecoin segment, and the shift of issuance to Ethereum shows institutional demand outside the XRP ecosystem.
Source: Newsbit