The latest data shows that the stablecoin market is now at $173 billion, with two newly launched USD-backed stablecoins showing significant growth. Decentralized finance (defi) project Sky, formerly known as Makerdao, has minted $1.11 billion USDS, adding around 104 million coins to its supply over the past five days. In a parallel development and within the same time frame, Rippleâs new stablecoin, RLUSD, has also seen a significant increase in circulation.
Emerging Stablecoins USDS and RLUSD Show Steady Growth
While theyâre still nowhere near the level of giants like tether (USDT) or usd coin (USDC), Skyâs USDS and Rippleâs RLUSD are slowly gaining traction. Sky, formerly known as Makerdao, is now managing USDS as part of its recent rebranding effort. The transition includes a 1:1 swap mechanism that allows users to exchange their DAI for USDS, and to date, approximately 571,946,075 DAI has been converted.
Just five days ago, USDS had a market cap of around $1.006 billion, which has now risen to $1.11 billion. It still has a relatively small user base with 232 unique wallet addresses, and the stablecoin has seen around 15,561 transfers since its launch. Interestingly, the top 10 holders of the 232 wallets hold the majority of USDS in circulation. Among the top USDS holders are prominent names like Sky, Uniswap, Aave, and Wintermute.
The difference between USDS and DAI is its yield-making nature. According to Skyâs web portal, the stablecoin offers a variable interest rate, currently at 6.5%. Meanwhile, Ethenaâs USDE stablecoin offers a slightly higher interest rate at 8%. On the other hand, Blast Networkâs USDB offers a lower interest rate of 5.5% as of its latest update. Like USDS, both USDE and USDB have interest rates that fluctuate over time.
Rippleâs new USD-backed stablecoin, RLUSD, has increased its supply from 45.3 million to 60.1 million. The stablecoin is distributed across two blockchainsâRippleâs private ledger and Ethereum. According to data from Cryptoquant.com, 33.75 million RLUSD are currently held on the XRPL network, with the remainder on Ethereum. Itâs important to note that RLUSD is still in private beta as it continues to grow.
Currently, RLUSD is not listed on cryptocurrency market capitalization aggregators that rank top stablecoins. Sites like coingecko.com show the Ripple stablecoin in âpreview mode.â As of September 30, XRPL and Ethereum combined held 4.75 million RLUSD, and its supply has increased by 1,165% since then.
What do you think about the recent growth of RLUSD and USDS? Let us know your thoughts on this topic in the comments section below.
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