Ripple-issued stablecoin RLUSD market cap nears $1.3 billion…"Multi-chain expansion effect"

An analysis found that the market capitalization of RLUSD, a stablecoin issued by Ripple, is approaching $1.3 billion and showing growth.

On the 8th, according to crypto-focused media Cryptopolitan, RLUSD's market capitalization recently increased to about $1.3 billion. Analyst Wendy Oh said, "The strategy of launching RLUSD simultaneously on two chains was very appropriate," evaluating that the multi-chain approach improved user accessibility and liquidity. The analysis said that RLUSD began trading on multiple networks such as the XRP Ledger and Ethereum (ETH), which drove the growth.

Token Terminal also analyzed that RLUSD's market capitalization has already exceeded $1.2 billion and that further increases are possible.

The expansion of RLUSD is said to have been influenced by cooperation between Ripple and Gemini. After that cooperation, RLUSD-based payment functions expanded, and the XRP Ledger's characteristic fast processing speed and low-cost structure were also cited as growth factors. RLUSD recently received approval for use in international financial regulatory environments such as Abu Dhabi, raising its recognition within the institutional sector.

Cryptopolitan said regarding RLUSD's growth that "the new standard introduced to the XRP Ledger, being used to issue real-world assets in digital form, could have a positive impact on the RLUSD ecosystem." It explained that this is a specification that makes the process of putting existing assets onto the blockchain (RWA tokenization) easier and thus expands network utility.