Stablecoin Market Volume Reaches $124 Billion with RLUSD Growth
The stablecoin market has achieved a milestone, with trading volumes exceeding $124 billion, a 25% increase. The total valuation reached $230.36 billion. Ripple USD (RLUSD) is notable, with its trading volume rising 70.86% to $125.89 million.
Key Points on RLUSD
- RLUSD is pegged to the U.S. dollar and operates on the XRP Ledger and Ethereum blockchains.
- Launched late last year, it aims to address P2P and cross-border payment issues faced by traditional banks.
- Market capitalization for RLUSD stands at $53.09 million.
- Ripple’s reputation and regulatory compliance facilitated listings on major exchanges, boosting its market value.
- Partnerships with platforms like Revolut and Zero Hash enhance RLUSD's accessibility.
- A new partnership with Portuguese exchange Unicambio aims to create a payment system between Portugal and Brazil.
Stablecoins in the Crypto Market
- Over 160 stablecoins are listed on CoinMarketCap, primarily serving as intermediaries between fiat and cryptocurrencies.
- Four main types of stablecoins exist: fiat-backed, crypto-backed, commodity-backed, and algorithmic.
- Total crypto market capitalization is $3.19 trillion, with trading volumes increasing by 28.78% to $131.18 billion.
- Tether (USDT) leads the stablecoin market with a value of $141.7 billion and a trading volume of $103.94 billion.
- Bitcoin (BTC) is trading at $95,941, down 2.34% over the past week.
- Binance Coin (BNB) has risen by 12% to $705.89, growing 22% in the last seven days.