Ripple's RLUSD stablecoin has been on the market for almost a week now, and its progress is growing by the day. Launched on Dec. 18 on both the Ethereum and XRP Ledger (XRPL) blockchains, the dollar-pegged stablecoin's market cap currently stands at $53.06 million, giving RLUSD a 3,032, according to CoinMarketCap's ranking.
Interestingly, it was 3,321 just four days ago and 3,187 just this morning. It is still far from major competitors in the face of USDC from Circle and USDT from Tether but already close to LUSD from Liquity and in the top 20 stablecoins of the crypto market.
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Ripple USD still lacks listings on major exchanges such asBinance, ByBit and even Coinbase. It is safe to assume that whenRLUSD makes it to the biggest platforms, its market cap, adoption and trading volume will increase significantly.
For now, it is $53.12 million in market cap, $3.6 million in trading volume and 3,032 place in the market cap top byCoinMarketCap.
However, this is still far from Ripple's vision, as the company seems to want a bigger piece of the stablecoin market, which is expected to grow to $2.8 trillion by 2028. This is especially interesting when you consider that the total value of all cryptocurrencies is currently just over $3.3 trillion.
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The stablecoin market is full of challenges, and it is really important to maintain user trust. If people stop trusting you, it can have really bad consequences. We saw this with the collapse of Terraform Labs' UST, where they lost tens of billions of dollars, and related assets like LUNA also collapsed. While there are risks, the growth potential of the stablecoin segment is clear.
