According to DefiLlama’s stablecoin statistics, the global stablecoin market cap has hit a new all-time high of $280.47 billion. According to DefiLlama, Tether (USDT) continues to dominate the market, with a market cap of $167.3 billion. USD Coin (USDC) takes the second spot, trailing behind with a market cap of $69.1 billion. Let’s discuss if Ripple’s RLUSD will shine under the growing interest in stablecoins.
Will Ripple’s RLUSD Stablecoin Pick Up Steam?
Stablecoins have become a cornerstone of the crypto industry. The number of people opting for fiat currency-pegged cryptocurrencies has drastically increased over the last few years. Ripple’s RLUSD is one of the latest dollar-pegged coins to enter the market.
According to DefiLlama, Ripple’s RLUSD stablecoin is currently the 13th largest stablecoin project by market cap. RLUSD currently boasts a market cap of $687.61 million.
President Trump signed the GENIUS stablecoin Act into law in July of this year. The law has brought much-needed clarity to the stablecoin market in the US. According to the law, only Permitted Payment Stablecoin Issuers (PPSIs) can issue stablecoins in the US. Moreover, all stablecoins must be 100% backed one-to-one with high-quality liquid assets.
Ripple’s entry into the stablecoin game was met with a lot of applause. Ripple is one of the most well-known companies in the cryptocurrency landscape. Given the growing demand for stablecoins, Ripple’s RLUSD will likely pick up steam over the coming years.
Ripple has also seen incredible adoption among banks, especially in Japan. The GENIUS Act could eventually lead to a similar pattern emerging in the US.
Also Read: Gemini Launches Ripple XRP Credit Card
Ripple’s XRP token has also seen incredible growth this year. XRP hit a new all-time high of $3.65 on July 18, the same day that President Trump signed the GENIUS Act into law. The move could signal a growing correlation between XRP and Ripple’s entry into the stablecoin market.
