Oh, the drama of the cryptoverse! Ripple‘s stablecoin, RLUSD, has been making waves and turning heads, much like a scandalous debutante at a high society ball.
While some may have doubted Ripple’s foray into the TradFi space, the company has been steadily proving the naysayers wrong. With a market cap of over $500 million, RLUSD is quickly climbing the ranks and leaving its mark on the industry.
A Stablecoin with a Flair for the Dramatic
Designed to be MiCA compliant, RLUSD processed over 33,000 transactions during its first 6-month test phase. The majority of the coins ($52.9M) were available on Ethereum, with the rest minted on the XRP Ledger (XRPL) – $13.3 million.
After being approved by the New York State Department of Financial Services (NYDFS), the stablecoin was officially launched in December. Initially available on MoonPay, Uphold Inc., CoinMena, and several other platforms, it’s now available on more well-known exchanges such as Kraken, Bitget, and Uniswap.
By the end of Q1 of 2025, RLUSD had already amassed a market cap of over $244 million across both XRPL and Ethereum. The product, pegged 1:1 to the dollar, was recognized by the Dubai Financial Services Authority (DFSA) as a crypto token within the Dubai International Financial Center (DIFC), and by that time, the market cap was around $310 million.
Some of the latest news features the stablecoin being the first to be supported by a Swiss global bank, AMINA, and the announcement that XRP is seeking a US banking license.
At the time of writing, the market cap of RLUSD stands at just above $500 million, according to data from CoinMarketCap. Although this is a significant milestone for a stablecoin that has been in existence for just over half a year, it still has a way to go to reach the heavy hitters, USDT by Tether and USDC by Circle, which boast capitalizations of $158 billion and $61 billion, respectively.
A Failed Acquisition and a Successful One
Apart from the notable accomplishments in the stablecoin rankings, the company behind RLUSD has also made a significant purchase this year. In April, Ripple acquired the brokerage firm Hidden Road in a $1.25 billion deal, marking one of the largest investments by the company and making it the only one in the crypto world to own and operate a multi-asset broker.
Hidden Road clears $3 trillion per year from over 300 institutional clients across markets, and RLUSD will be used as collateral for the prime products they offer.
Ripple was reportedly also eyeing acquiring Circle, the company behind USDC, for a deal valued at $4 to $5 billion, but it seemed the offer was too low. The same report also noted that Ripple is “still interested” in the purchase. However, a post on X by Chris Brummer, a Georgetown professor, following a conversation with Circle’s CEO, Brad Garlinghouse, completely contradicts this, suggesting that such plans never existed.
“Brad was unequivocal – Ripple never pursued an acquisition of Circle. And while he wished the company well, it wasn’t something he was considering.”
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2025-07-10 04:30