tl;dr
Ripple's RLUSD stablecoin has exceeded $3.02 trillion in total trading volume within a month of its launch, with $2.84 trillion recorded in January. The stablecoin, backed by reserve funds exceeding $104 million, saw most of its trading activity on the Bullish exchange. The broader stablecoin market...
Ripple's RLUSD stablecoin has surpassed $3 trillion in total trading volume within a month of its launch, with $2.84 trillion recorded in January. RLUSD is now the fourth-largest stablecoin by trading volume.
The broader stablecoin market has seen significant growth, with total market capitalization reaching a record $215 billion. This marks the sixteenth consecutive monthly increase.
Solana's stablecoin supply surged by 112% in January, reaching a record $11.1 billion, with USDC dominating the network's supply at 77.9%.
The surge in RLUSD trading activity is attributed to its listing on centralized exchanges, particularly the Bullish exchange, where it accounts for 85.7% of its volume totalling $2.42 billion. Bitstamp is the second-most active exchange, processing $398 million in RLUSD trades.
Moving to the broader stablecoin market, despite the overall growth, stablecoin trading volumes on centralized exchanges appear to be declining, totaling $1.71 trillion on Jan. 26. This suggests a potential shortfall compared to December's $2.66 trillion.
In January, Solana emerged as a major player in the stablecoin ecosystem, with the total supply of stablecoins on its network surging by 112% to $11.1 billion. USDC continues to dominate Solana's stablecoin ecosystem, accounting for 77.9% of the network's supply.