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Ripple‘s U.S. dollar-pegged stablecoin RLUSD has surpassed $500 million in circulation just seven months after launch, placing it among the top 20 dollar-denominated stablecoins in the market.
What Happened: The token, which operates on both the XRP (CRYPTO: XRP) Ledger and Ethereum (CRYPTO: ETH), sees average daily trading volumes around $26 million, according to CoinGecko data.
The rapid growth comes as Ripple seeks a federal trust bank license from U.S. regulators, a move that would allow the firm to manage customer deposits and issue RLUSD under federal banking rules.
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The Office of the Comptroller of the Currency (OCC) is reviewing the application. Circle, the issuer of USDC, has also applied for a similar license to oversee asset custody and manage reserves under stricter regulatory oversight.
RLUSD launched in December 2024 and is backed 1:1 by a combination of cash, cash equivalents, and short-term U.S. government bonds.
Why It Matters: The expansion of RLUSD reflects wider momentum in the stablecoin sector, which has swelled to nearly $260 billion in total market capitalization.
Dollar-backed stablecoins now account for over 95% of that figure, based on The Block’s latest data.
Ripple’s stablecoin growth aligns with an increasingly crypto-friendly regulatory climate under the current Trump administration.
The OCC has introduced new guidelines that allow traditional banks to provide crypto-related services, marking a notable shift from earlier federal policy stances.
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This article XRP Eyes $2.40 As Ripple’s RLUSD Stablecoin Smashes $500M Market Cap originally appeared on Benzinga.com
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