Ripple’s stablecoin, RLUSD, has been gaining attention following an impressive performance detailed in its February report, which showed a market cap of around $170 million.
This exceeded expectations set by Standard Custody, a crypto custodian, prompting the company’s CEO to predict that RLUSD could potentially rank among the top five stablecoins by the end of 2025. Analysts are now evaluating the factors that could help RLUSD achieve this ambitious goal.
RLUSD’s growth is being supported by several key factors. One of the primary drivers is its increasing availability on more exchanges, such as LMAX Group, making it more accessible to traders.
Additionally, the stablecoin is gaining traction in Decentralized Finance (DeFi) liquidity pools and has found real-world applications, with NGOs like DIVA Donate and Mercy Corps Ventures adopting it for charitable purposes, showcasing its practical utility.
To secure a spot in the top five stablecoins, RLUSD faces significant competition, as it currently sits at number 12 with a market cap of about $194 million. To surpass FDUSD, which holds the fifth position with a market cap of $2.59 billion, RLUSD would need to grow more than thirteenfold within the next nine months, assuming no major changes in FDUSD’s size. The top four spots are currently held by USDT, USDC, DAI, and USDe.
RLUSD is pegged to the US dollar and supported by both the XRP Ledger and Ethereum blockchains. It is fully backed by cash reserves, ensuring that each token is redeemable on a 1:1 basis for US dollars through approved channels. For RLUSD to continue its upward trajectory, it will need to maintain strong adoption, diversify its use cases, and operate in a favorable market environment.
Editorial Team
Reporter at Coindoo
Source: https://coindoo.com/top-5-stablecoin-rankings-in-reach-for-rlusd-with-rapid-growth/