Ripple USD (RLUSD) Hits Major Milestone With 1,000,000,000 on Ethereum

In November alone, Ripple minted over 77 million RLUSD despite the fluctuation in the broader crypto industry that has slowed down transactions. It is a clear indication that demand for the stablecoin has been high, and RLUSD is gaining traction in the sector.

Middle East approval boosts RLUSDs utility

Ripple USD stablecoin recently gained momentum in the Middle East following the regulatory fiat license granted to it to serve as lending collateral in Abu Dhabi. The approval means that users in the region can now use RLUSD as collateral on certain platforms in the Abu Dhabi Global Market financial free zone.

It helps to increase the stablecoin‘s utility in the real world and improves RLUSD’s market share in the sector.

The steady adoption that RLUSD has enjoyed over the last 11 months has enabled it to flip the memecoin, BONK, in terms of market capitalization. With its $1.261 billion market cap, it has surpassed BONK, whose value recently dropped from $1.01 billion to $823.59 million.