Ripple’s RLUSD stablecoin is rapidly gaining traction in the European crypto landscape.
The token that adheres to MiCA regulations has seen substantial advantages due to its well-timed introduction, as the block is currently experiencing a major regulatory transformation.
RLUSD Finds Opportunity in USDT’s European Decline
As per CryptoQuant’s examination, the token RLUSD has completed a total of 33,953 transactions on the XRP Ledger and 1,690 on the Ethereum network since trials started in June 2024.
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CryptoQuant’s analysis shows that RLUSD has executed 33,953 transactions on the XRP Ledger and 1,690 transactions on the Ethereum network since testing began in June 2024.
The significant increase in transactions matches up with RLUSD’s design as a compliance-focused digital asset, giving it an edge when it comes to adhering to the recently enacted Markets in Crypto-Assets (MiCA) rules within the European Union.
Due to Tether’s stablecoins being removed from European markets because they don’t comply with regulations, a financial analyst at CryptoQuant predicts that RLUSD, a stablecoin that meets MiCA standards, could take over this space. This might lead to increased adoption and higher transaction activity as more people become interested in it.
The recent update follows USDT (Tether) experiencing its steepest weekly drop in market capitalization during the first week of January, a level not seen since the FTX crash in November 2022.
The decrease is linked to MiCA regulations, causing various EU exchanges to remove USDT tokens because of compliance concerns. Although EU investors can keep USDT in non-custodial wallets, trading on MiCA-aligned platforms remains prohibited. Despite predictions suggesting otherwise, industry experts contend that the delisting will not diminish USDT’s influence.
RLUSD’s Strategic Launch
In December, midway through the month, Ripple’s stablecoin, RLUSD, was officially launched after securing approval from the New York Department of Financial Services (NYDFS). This launch came after a meticulous phase of testing and readying. Designed to maintain a 1:1 parity with the U.S. dollar, RLUSD plays a significant role in Ripple’s plan to enhance its international payment solutions.
As a researcher delving into the dynamic world of cryptocurrencies, I’ve observed a rapid adoption of RLUSD across multiple platforms. Exchanges such as Uphold, Bitstamp, Bitso, Moonpay, and CoinMENA have embraced it. More recently, Bullish, a cryptocurrency exchange supported by Peter Thiel, has integrated RLUSD into its system, introducing trading pairs like RLUSD/USDC, BTC/RLUSD, XRP/RLUSD, ETH/RLUSD, USD/RLUSD, EUR/RLUSD, and SOL/RLUSD.
Earlier, Ripple’s Chief Technology Officer, David Schwartz, had cautioned against the fear of missing out (FOMO) related to the launch of RLUSD. On social media, he addressed concerns about potential price fluctuations by referring to an instance where RLUSD was priced at $1200 on the Xaman platform due to excessive speculation and limited availability during its initial release. However, Schwartz assured the community that these abnormalities would soon normalize through arbitrage, confirming that RLUSD would maintain a value of $1 as intended.
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2025-01-07 18:52