Ripple stablecoin surpasses $1 billion market cap on Ethereum alone… one year after launch

RLUSD, Ripple's stablecoin (Ripple is the issuer of XRP), has surpassed $1 billion (about 1.5 trillion won) in market capitalization on Ethereum (ETH).

On the 28th (local time), according to on-chain analytics firm Token Terminal, RLUSD's market cap on Ethereum exceeded $1 billion as of that day. It is the result one year after Ripple launched RLUSD at the end of last year. Token Terminal said, "(RLUSD) net demand is absorbing new supply and it is being continuously used in the market," and added, "the fact that the supply of a stablecoin less than one year since its launch is being maintained suggests that RLUSD has secured fixed use cases."

The number of RLUSD holders was about 6,000 as of that day, eight times higher than earlier this year (750). Token Terminal analyzed, "The fact that the increase in holder count keeps pace with supply growth means supply is not concentrated in a few addresses but is distributed," and "even if supply increases, holder count does not rise if (amounts) are concentrated in a few addresses."

Weekly trading volume on Ethereum was estimated at about $1 billion. Compared to earlier this year (about $66 million), it is nearly 15 times higher. Over the same period, weekly transaction counts also jumped from about 240 to about 7,000, more than 29 times. Token Terminal noted, "The increase in trading volume reflects increased usage," and "the fact that trading volume and transaction counts are rising simultaneously means overall usage frequency is increasing rather than a few large transactions."