Ripple USD Stablecoin (RLUSD) Records Over $3 Trillion in Trading Volume in Just One Month

Ripple USD Stablecoin (RLUSD) has reached a total trading volume of over $3.02 trillion just one month after its debut on centralized exchanges, according to a report from CCData.

Throughout January, RLUSD recorded a trading volume of $2.84 trillion as of January 23, making it the fourth-largest stablecoin by trading volume. The highest trading activity was seen on January 4, with transactions reaching $400 million.

The report also noted that RLUSD had a circulating supply of $97.5 million as of January 23, with reserve funds exceeding $104 million. The majority of RLUSD trades took place on the Bullish exchange, contributing about 85.7% of the total volume, or roughly $2.42 billion.

Bitstamp was the second-most active exchange for RLUSD, with total transactions amounting to $398 million. Other exchanges like Independent Reserve, Bitso, and Mercado Bitcoin have also listed RLUSD, expanding its market reach.

RLUSD was officially launched on December 17, 2024, just a week after Ripple received approval from the New York State Department of Financial Services (NYDFS).

Stablecoin Market Hits New Record

The stablecoin market overall experienced significant growth in January, with its market capitalization rising by 5.68% to a record $215 billion. This marks the 16th consecutive month of growth in stablecoin market capitalization.

Stablecoin dominance in the overall cryptocurrency market also increased to 6.31%, up from 6.19% in December, reaching its highest level since October.

The rise in stablecoin dominance coincided with the market's consolidation phase following the inauguration of President Donald Trump. However, despite a strong start to the year, stablecoin trading volume on centralized exchanges has shown a decline. As of January 26, the total stablecoin transactions on these platforms reached $1.71 trillion, suggesting that January's total volume may be lower compared to December, which saw $2.66 trillion in transactions.

The report linked the decrease in trading activity to a weakening momentum after several significant events in the market, including Trump's return to the presidency.

The dominance of Tether USD (USDT) among major stablecoins on centralized exchanges decreased in January, falling to 82.4%. On the other hand, First Digital USD (FDUSD) and USD Coin (USDC) saw an increase in their market shares, rising to 8.77% and 8.50%, respectively. The shift in stablecoin dominance reflects the market's changing preferences as competition in the stablecoin sector continues to intensify.

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