Revolutionary Growth: Ripple USD (RLUSD) Hits $3.02 Trillion in Trading Activity
The stablecoin Ripple USD (RLUSD) has made waves in the trading world, surpassing $3.02 trillion in total trading activity just over a month after its launch on centralized exchanges. This marks a significant milestone for the digital asset.
Impressive Trading Volume
- RLUSD recorded $2.84 trillion in trading volume in January alone, solidifying its position as the fourth-largest stablecoin by trading volume.
- On Jan. 4, the most significant trading activity for RLUSD was recorded, reaching $400 million.
Market Dominance and Circulating Supply
As of Jan. 23, RLUSD had a circulating supply of $97.5 million, backed by reserve funds exceeding $104 million. The majority of its trading activity is driven by the Bullish exchange, which accounts for 85.7% of its volume, totaling $2.42 billion. Bitstamp follows as the second-most active exchange, processing $398 million in RLUSD trades. Other exchanges like Independent Reserve, Bitso, and Mercado Bitcoin have also listed the asset, expanding its market reach.
Stablecoins on the Rise
The broader stablecoin market saw significant growth in January, with total market capitalization reaching a record $215 billion, a 5.68% increase. Stablecoin dominance in the broader crypto market climbed to 6.31%, its highest since October.
Market Trends and Insights
- Despite a strong start to the year, stablecoin trading volumes on centralized exchanges are showing a downward trend.
- As of Jan. 26, these platforms recorded $1.71 trillion in stablecoin trading activity.
- Tether USD (USDT) market share declined to 82.4%, while First Digital USD (FDUSD) and USD Coin (USDC) saw their trading dominance rise.
Solana’s Rise in the Stablecoin Ecosystem
In January, Solana emerged as a major player in the stablecoin ecosystem, with the total supply of stablecoins on its network surging by 112% to a record $11.1 billion. This growth surpasses the previous all-time high set in 2022 and aligns with a wave of capital inflows to the network.
Stablecoin Supply and Network Expansion
- Solana’s stablecoin supply surge was driven by increased DEX trading activity following the launch of Official Trump memecoin.
- USDC dominates Solana’s stablecoin ecosystem, accounting for 77.9% of the network’s supply.
- USDT follows with a 17.8% market share, while FDUSD recently debuted on Solana, further expanding the network’s stablecoin assets.