Ripple’s RLUSD ($1.00) stablecoin continues to grow in popularity since its launch on December 18, 2024. The dollar-pegged stablecoin, available on Ethereum and the XRP ($2.32) Ledger (XRPL), has reached a market cap of $53.06 million, securing the 3,032nd spot in CoinMarketCap’s rankings. While the ranking has fluctuated—dropping from 3,321 four days ago and moving to 3,187 earlier this morning—it remains a promising entrant in the stablecoin market.

Comparing RLUSD to Competitors

Although RLUSD trails major competitors like USDC ($1.00) from Circle and USDT ($1.00) from Tether, it is quickly approaching Liquity’s LUSD in terms of market cap. The stablecoin has already placed itself within the top 20 stablecoins in the crypto market. 

Related article: Ripple Stablecoin RLUSD Debuts on Singapore Exchange

However, Ripple still faces significant hurdles, especially regarding listings on major exchanges. RLUSD has yet to appear on platforms like Binance, ByBit, or Coinbase. When it secures these listings, analysts predict a surge in market cap, trading volume, and adoption.

Current Market Performance

As of now, RLUSD boasts a $53.12 million market cap and $3.6 million in trading volume. While these numbers reflect steady progress, they remain a far cry from Ripple’s ambitious vision. The company aims to claim a larger share of the stablecoin market, which experts expect to grow to $2.8 trillion by 2028. 

_{Source: CoinMarketCap}

For perspective, the total cryptocurrency market is valued at just over $3.3 trillion today. The stablecoin market offers substantial growth potential but comes with significant challenges. Maintaining user trust is paramount, as any loss of confidence can lead to disastrous outcomes.

Related article: Ripple’s RLUSD Sees Early Price Swings and Market Cap Surge

For instance, Terraform Labs’ UST collapse wiped out tens of billions of dollars and triggered the downfall of related assets like LUNA. Despite the risks, Ripple’s RLUSD shows promise as it navigates the competitive and rapidly evolving stablecoin sector.

By overcoming barriers and gaining trust, Ripple could establish RLUSD as a key player in the stablecoin market.

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