Ripple stablecoin expands – but the winner is not XRP
- Ripple's stablecoin RLUSD has risen to a market capitalization of nearly $800 million, establishing itself as one of the fastest-growing USDT competitors. But there's a problem for the in-house XRP Ledger.
- According to DefiLlama, more than $700 million of RLUSD, or approximately 88 percent of the total supply, is on Ethereum. Meanwhile, less than $90 million is circulating on the XRP ledger.
- There has been speculation in the crypto community for some time now that RLUSD could eventually outcompete XRP as an internal competitor. After all, stablecoins are ideal for low-cost, volatility-free international transfers.
- In a conversation with BTC-ECHO, Ripple representative Cassie Craddock confirmed that scenarios are possible in which RLUSD could gain traction at the expense of XRP. However, the insider did not provide further details.
- Since every transaction on XRPL requires fees in XRP, investors originally expected RLUSD growth to drive burns and increase the token's utility. However, for this to happen, stablecoin growth would have to occur on the XRP Ledger, not Ethereum.
- At the time of writing, the Ripple coin is trading at $3.04, representing a price increase of 2.1 percent compared to the previous day. After a rapid year-end rally in 2024, XRP has been trading mostly sideways in recent months.
- David Schwartz, Ripple's longtime Chief Technology Officer, announced on Tuesday that he was stepping down from day-to-day operations after more than a decade with the company. He will assume a position as CTO Emeritus on the board.
- Due to high hopes for the launch of traditional spot ETFs, treasury firms, or a Ripple IPO, extremely ambitious XRP predictions keep cropping up online. You can read what's behind them in this article: “Exposing the Ripple Illusion.”
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source
- RLUSD Data I DefiLlama
