4 months ago
The stablecoin Ripple USD (RLUSD) surpassed $3.02 trillion successful full trading enactment conscionable implicit a period aft its debut connected centralized exchanges, according to a CCData report.
In January alone, RLUSD recorded $2.84 trillion successful trading measurement arsenic of Jan. 23, establishing itself arsenic the fourth-largest stablecoin by trading volume. Jan. 4 saw the astir RLUSD trading activity, reaching $400 million.
The study highlighted that RLUSD had a circulating proviso of $97.5 cardinal arsenic of Jan. 23, backed by reserve funds exceeding $104 million. The stablecoin’s trading has been predominantly driven by enactment connected the Bullish exchange, which accounts for 85.7% of its volume, totaling $2.42 billion.
Bitstamp is the second-most progressive exchange, processing $398 cardinal successful RLUSD trades. Other exchanges, including Independent Reserve, Bitso, and Mercado Bitcoin, person besides listed the asset, broadening its marketplace reach.
RLUSD’s official launch was connected Dec. 17, 2024, 1 week aft Ripple received approval from the New York State Department of Financial Services (NYDFS).
Stablecoins surge to caller heights
The broader stablecoin marketplace experienced a notable enlargement successful January, with full marketplace capitalization expanding by 5.68% to scope a grounds $215 billion. This marks the sixteenth consecutive monthly summation successful stablecoin marketplace capitalization.
Stablecoin dominance successful the broader crypto marketplace besides climbed to 6.31%, up from 6.19% successful December, reaching its highest since October.
The surge successful stablecoin dominance coincided with a play of marketplace consolidation pursuing President Donald Trump’s inauguration.
However, contempt the beardown commencement to the year, stablecoin trading volumes connected centralized exchanges look to beryllium connected a downward trajectory. As of Jan. 26, these platforms recorded $1.71 trillion successful stablecoin trading activity, suggesting that January’s full measurement whitethorn autumn abbreviated of December’s $2.66 trillion.
The study attributes the diminution successful trading enactment to waning momentum pursuing cardinal marketplace catalysts, including Trump’s instrumentality to office.
Tether USD (USDT) saw its marketplace stock diminution successful January, falling to 82.4% among apical stablecoins connected centralized exchanges. Meanwhile, First Digital USD (FDUSD) and USD Coin (USDC) saw their trading dominance emergence to 8.77% and 8.50%, respectively.
The study noted that the alteration successful stablecoin dominance reflects shifting marketplace preferences arsenic contention successful the stablecoin assemblage intensifies.
Solana’s stablecoin supply
In January, Solana emerged arsenic a large subordinate successful the stablecoin ecosystem, with the full proviso of stablecoins connected its web surging by 112% to a grounds $11.1 billion. This maturation surpasses the erstwhile all-time precocious acceptable successful 2022 and aligns with a question of superior inflows to the network.
The spike successful Solana’s stablecoin proviso was notably driven by heightened decentralized speech (DEX) trading enactment pursuing the motorboat of Donald Trump’s memecoin, Official Trump (TRUMP), connected Jan. 18.
Since the instauration of the memecoin, Solana’s stablecoin proviso has accrued by 73.6%, pushing the supra Binance Chain to go the third-largest blockchain for stablecoin supply, trailing lone Ethereum and Tron.
USDC continues to predominate Solana’s stablecoin ecosystem, accounting for 77.9% of the network’s supply. It is followed by USDT, which has a 17.8% marketplace share.
Additionally, First Digital Labs’ FDUSD debuted connected Solana successful January, expanding the network’s stablecoin assets to 30.
The station Ripple’s RLUSD stablecoin crosses $3 trillion successful trading wrong a month appeared archetypal connected CryptoSlate.
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