The stablecoin trading volume has reached above the milestone of $120.724 billion, with a growth of 25%, and the market capitalization was $230.361 billion. In the stablecoin category a sudden surge in the trading volume of RLUSD has been observed, with a surge of 70.86% the volume reached $125.89 million.
Over weeks, RLUSD has been trying to surpass the volume of $100 million, yet the recent developments in the Ripple ecosystem have helped it gain traction among traders and over other available stablecoins.
RLUSD’s popularity has remained up since its launch
RLUSD is pegged by U.S. dollars, it leverages 2 different chains including XRP and Ethereum to reduce the problems in cross-border payments faced by traditional banking and finance systems.
As per experts, the popularity of Ripple and its good image will help RLUSD reach an appreciable milestone. CoinMarketCap’s data notes that the highest traded price of RLUSD is $1.02, and its market capitalization was $53.09 million.
In a most recent development Ripple has partnered with a local Portugal exchange to expand its services in Portuguese, in the alliance a Ripple Payment solution will be developed to ease cross-border payment between Portugal and Brazil.
Ripple joins hands with Revolut and Zero Hash to open a new path for RLUSD. The growing craze for stablecoins has helped the entire crypto market to attain new milestones.
USDT’s stands firm as most traded cryptocurrencies
The stablecoin market is ruled by USDT with a market cap of $141.7 billion and a trading volume of $103.94 billion.
Also, a growth of 31 percent has been observed in the volume of USDT in the intraday, the 2nd position in terms of trading volume is led by USDC issued by Circle, and RLUSD stands in 5th position in volume.
According to CoinMarketCap, there are more than 160 stablecoins listed in the market, and the real use of stablecoins is to be used as the mediatory exchange token or coin instead of the fiat currency.
There are major 4 types of stablecoins, yet the most popular are fiat-pegged stablecoins followed by crypto-pegged stablecoins, commodity-backed stablecoins, and algorithmic stablecoins. Each has pros and cons so avoid making direct investment with research.
Crypto market price updates
When writing, the crypto market capitalization was $3.19 trillion, and the trading volume reached $131.18 billion with a growth of 28.78 percent. Despite bullishness in market capitalization and volume Bitcoin continues to trade at $95,941 with a weekly loss of 2.34 percent.
It is crucial to note that BNB grew by 12 percent now trading at $705.89, in the past seven days the total registered growth is 22 percent.
In the past 24 hours, the most surged crypto is Pancakeswap trading at $2.87 with a surge of 50.13 percent followed by Onyxcoin, Jito, Official Trump, and Lido with a few others.
