Users have performed over 100,000 transactions with Ripple’s USD stablecoin RLUSD in the two months since it launched.
This is according to a report released by CryptoQuant on Tuesday, February 4, highlighting the steady adoption of the Ripple–backed stablecoin.
According to the crypto analytics firm, about 109,000 RLUSD transactions have been completed so far, 95% of them or about 105,000 on the XRP Ledger and only around 4,100 on Ethereum.
RLUSD transaction count by network chart Source CryptoQuant
CryptoQuant analyst Maartunn contended that the asset’s higher uptake on the XRPL could be due to the network’s greater efficiency and lower transaction costs compared to Ethereum.
Another likely boost for RLUSD on the XRPL is its growing adoption in DeFi activity on the network following the recent automated market maker clawback amendment. According to xpmarket.com data at the time of writing, there are at least 66 liquidity pools based on the asset.
The largest pool, XRP/RLUSD, boasts over $1.6 million in liquidity and has seen nearly 3,000 transactions in the past few days.
Amid this adoption, the asset now boasts a market cap of over $108 million. While this is still miles away from the billions boasted by offerings from stablecoin leaders Tether and Circle, many expect the asset to benefit from incoming regulations and expected integration with Ripple’s cross-border payments business later this year.
At the same time, more networks may be set to integrate the asset. For example, Cardano founder Charles Hoskinson has suggested he is open to bringing RLUSD to Cardano.
Meanwhile, the asset has also yet to receive support from popular exchanges like Binance, Coinbase, and Kraken, which could also be preventing more users from onboarding.
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