Ripple's XRP-based stablecoin, RLUSD, breaks records with a successful $1.15 billion Initial Public Offering (IPO) on a prominent digital assets exchange.
In a significant development for the digital asset industry, the recently launched Ripple USD (RLUSD) stablecoin has seen a surge in popularity, thanks to its inclusion in the high-profile initial public offering (IPO) of digital asset platform Bullish.
Bullish, a new entrant in the crypto space, raised a substantial $1.15 billion in proceeds from its IPO, which was settled in RLUSD stablecoin. This move marks the first public listing to put the settlement process on-chain, setting a precedent for the use of stablecoins in future listings.
The RLUSD stablecoin, initially listed on exchanges such as Uphold, Bitso, MoonPay, Archax, and CoinMENA, has found a significant home on the Bullish crypto exchange. In fact, Bullish accounts for an impressive 76% of RLUSD trading volumes. It's worth noting that this figure was recently disclosed, adding to the growing interest in RLUSD.
The majority of RLUSD trading volume is split across three main pairs: RLUSD/USDC (40.86%), XRP/RLUSD (35.92%), and SOL/RLUSD (0.86%). This diversity in trading pairs underscores the versatility and acceptance of RLUSD in the digital asset market.
The popularity of RLUSD is not confined to the Bullish exchange alone. Mesh, a platform that currently supports over 50 tokens, including Ripple USD, has announced its support for the stablecoin. This move allows merchants to accept RLUSD at checkouts, further expanding the usage and utility of the stablecoin.
The RLUSD stablecoin is unique in that it is available on both the XRP Ledger and Ethereum blockchain, providing users with the flexibility to choose the network that best suits their needs.
The recent passage of the GENIUS act, which sets guidelines for stablecoins pegged to the U.S. dollar, is expected to boost the utility of stablecoins like RLUSD and make them an everyday means for payments and money transfers. As a result, the total market capitalization of RLUSD has surpassed $600 million, now standing at $666 million, according to CoinMarketCap data.
In conclusion, the inclusion of RLUSD in the Bullish IPO and its wide adoption by various platforms and merchants is a testament to the growing acceptance and utility of stablecoins in the digital asset ecosystem. With the GENIUS act providing a regulatory framework for stablecoins, we can expect to see more innovations and growth in this area in the future.
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