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Ripple sets new record with RLUSD: 1 billion USD on Ethereum!
Ripple's RLUSD Stablecoin Surpasses $1 Billion on Ethereum, Supported by Regulatory Approvals in the UAE.
Ripple sets new record with RLUSD: 1 billion USD on Ethereum!
Ripple’s RLUSD stablecoin recently surpassed the impressive $1 billion mark on the Ethereum blockchain. This significant milestone was achieved less than a year after the token launched in December 2024. The total supply of RLUSD, on both Ethereum and the XRP Ledger (XRPL), now stands at $1.261 billion. The increase in demand for regulated stablecoins reflects the uncertainties in the crypto markets, which have been significant in recent months.
RLUSD is issued by Standard Custody & Trust Company, a New York-based trust company affiliated with Ripple. From the outset, the stablecoin placed particular emphasis on compliance, which makes it particularly attractive for institutional investors. Regulatory approval is a crucial factor in this regard, as Jack McDonald, Senior Vice President of Ripple, highlights.
Regulatory approval in the UAE
On November 27, 2023, RLUSD received regulatory approval in the United Arab Emirates. The Abu Dhabi Financial Services Authority recognized the token as an accepted fiat-referenced token. This approval opens the doors to the use of RLUSD in the Abu Dhabi Global Market, the financial hub of the UAE. Such moves are part of Ripple's ongoing efforts to expand its presence in the Middle East and Africa.
Additionally, Ripple has announced a strategic partnership with Bahrain Fintech Bay. This collaboration aims to develop and strengthen the country’s crypto ecosystem. The fundamental values of regulation and trust are seen as crucial to the future growth of institutional finance.
In summary, the increasing demand for RLUSD and the recent approvals received show that Ripple plays a significant role in the rapidly evolving stablecoin market. Institutional investors appear to value the regulatory compliance that the stablecoin offers, and the partnerships could be another step in the right direction to bring trust and stability to the volatile world of cryptocurrencies.
For more information, check out coverage from Crypto.news.