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Ripple's RLUSD coin looks set to take on the industry leaders in the stablecoin space. Since it's official He releases On December 17, 2024, RLUSD gained traction among cryptocurrency traders. In the last 24 hours, RLUSD has seen its trading volume rise above DAI.
Increase in RLUSD trading volume
According to CoinMarketCap DataRLUSD trading volume increased by 39.03% to $127.26 million. This indicates increased interest among traders in adopting stablecoins in their crypto ecosystem transactions.
On the other hand, DAI recorded a trading volume of less than $100 million. Over the past 24 hours, DAI has seen a significant decline of 21.14%. This leaves it with a trading volume of $95.35 million in the same time frame as RLUSD.
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Market watchers consider this an important development given that DAI is the third largest stablecoin issuer after USDT and USDC. Although it is still early days, some predict that RLUSD may later replace DAI in terms of user preferences if it maintains the current momentum.
RLUSD has maintained relative stability in its peg to the US dollar, reaching an all-time low of $0.9911. This happened four days after it was officially launched on the market.
In comparison, DAI's all-time record low on the decoupling journey is $0.8970. It is worth noting that this number was recorded more than two years ago.
RLUSD expansion and market adoption
Overall, the rise in RLUSD trading volume could stem from its rapid expansion and listing on various exchanges. Aside from the few exchanges making their debut as of December 17, 2024, RLUSD has made new moves in different regions.
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BitstampEurope's leading cryptocurrency exchange has listed RLUSD and added six trading pairs to its stablecoin product. This will help promote increased adoption of RLUSD under the EU's MiCA laws. However, the token is not yet listed on some major platforms like Coinbase.
However, Monica Long, the president of Ripple, did just that Users guaranteed More listings are coming soon on major exchanges. This development could lead to increased trading volume for RLUSD as more listings spread.
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