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Ripple’s USD-pegged stablecoin, RLUSD, has seen a significant surge in volume despite the current market downturn. According to recent data, the volume of RLUSD has jumped by an astonishing 327%, signaling a promising trend for the new entrant in the stablecoin space.
While this growth may be encouraging, it is essential to acknowledge that RLUSD still lags behind its more established competitors, USDT and USDC, in terms of market capitalization. The latter two giants hold commanding positions with market caps of $142.23 billion and $56.54 billion respectively, leaving a substantial gap between them and the newcomer.
In contrast, RLUSD’s market cap stands at an insignificant $53.1 million. This significant disparity may be attributed to their extensive history, brand recognition, and widespread adoption by various institutions and individuals.
It is worth noting that this development has not had any positive impact on XRP’s price movement. As of press time, the coin was trading at $2.16, representing a 11.04% decline in the last 24 hours.
The stablecoin market continues to be highly competitive, with RLUSD attempting to carve out its own unique niche. However, it remains to be seen whether this new entrant can eventually surpass its competitors and gain greater traction among users and institutions alike.
Source: https://u.today/ripple-usd-rlusd-volume-jumps-327-despite-market-downturn
