Ripple Stablecoin on the Verge of 7,000 Holders, Volume up 74%

Ripple USD (RLUSD) stablecoin has seen a massive spike in its volume as the token is on the verge of hitting 7,000 holders. As per data from CoinMarketCap, the Ripple USD stablecoin is racing to this milestone, which is significant considering it just attained a $1 billion market capitalization at the start of November.

RLUSD and rising adoption

Notably, Ripple USD stablecoin is gaining traction among users in the crypto space, hence the steady increase in the number of holders. 

The massive spike indicates that investors are attracted to RLUSD, accounting for the growing demand and activity around it. This shift has also pushed RLUSD trading volume up by 74% in the past 24 hours to more than $81 million.

It also highlights the growing adoption and utility of the stablecoin in a sector that has been dominated by notable leaders like Tether (USDT) and Circle (USDC). This development signals that more market participants are using RLUSD more in their transactions despite other available options.

This increased adoption has pushed the total market capitalization to $1.02 billion. While some might not be blown away by the figure, it is a significant milestone considering that RLUSD has only been around for just one year. 

You Might Also Like

More striking is that the stablecoin industry has several giants that have taken a good slice of the market share.

Strategic partnerships fuel RLUSD utility and growth

Ripple USD stablecoin’s steady growth is attributable to the strategic partnerships that it has continued to form to drive utility. 

Earlier this month, Ripple announced its partnership with Mastercard, the online payment giant. The collaboration comes as a way to introduce blockchain-based settlement for credit card transactions.

It is being hyped as a faster and cheaper settlement channel between merchants and issuers without any compromise on transparency or regulatory compliance.

These collaborations and milestone achievements have supported RLUSD to flip BONK in terms of market capitalization rankings. The meme coin currently has a market capitalization of less than $800 million compared to the stablecoin.