Ripple’s USD-pegged stablecoin, RLUSD, has hit a market cap of $170 million, eyeing the top five spot among stablecoins in the crypto industry.
According to the company’s latest report, the stablecoin outpaced the company’s internal projections when it hit the new market cap record. The token has enjoyed increased institutional interest in the market, providing it with the ingredients it needs for growth.
RLUSD witnesses massive growth in February
The positive news was shared in a post on X by the Senior Vice President at Ripple, Jack McDonald. He highlighted several aspects of the February attestation, noting that the stablecoin has continued to show strong movements. In the post, he mentioned that RLUSD is now being used in DeFi liquidity pools amid other use cases. McDonald also mentioned that NGOs have now started adopting the token as a means of donation.
The Feb monthly independent attestation for $RLUSD is live 👇
— Market cap (~$170M) is outpacing our internal projections – we expect to be a top 5 stablecoin by EOY 🔥
— RLUSD is available on new exchanges including @LMAX with more to come…
— New use cases are continuing to…— Jack McDonald (@_JackMcDonald_) March 28, 2025
The token’s increase in market cap has shown that its demand and utility have grown steadily. Launched in December 2024, the stablecoin made its debut on several exchanges, including Uphold, CoinMENA, Archax, and MoonPay. Since then, it has secured listings on exchanges like Bitso, Bullish, Mercado Bitcoin, Independent Reserve, Zero Hash, and Bitstamp. The token was also recently listed on LMAX.
The token has recorded relatively solid numbers since its launch, with RLUSD reaching $120 million in just two months.
There have also been talks about moving the stablecoin to different blockchains, with Cardano founder Charles Hoskinson mentioning plans to add RLUSD into the blockchain. It remains to be seen what exchanges and blockchains the stablecoin will appear on in the future.
Ripple CEO makes top five prediction
Beyond the growth of the stablecoin, RLUSD is making a play for the top five spot in the stablecoin market. According to the February attestation, there has been a spike in mining activity, with about 17 million tokens minted every day at the RLUSD Treasury.
Ripple CEO Brad Garlinghouse has also given his opinion on the stablecoin, predicting a top-five move by the end of the year.
Garlinghouse’s projection comes amid the broader bullish sentiment in the stablecoin market. In a recent Bloomberg interview, the Ripple CEO discussed the future of stablecoins, particularly about its regulation following the Securities and Exchange Commission’s (SEC) decision to withdraw its lawsuit against the company. He mentioned that RLUSD has what it takes to be among the top tokens in the stablecoin sector.
Industry analysts have also noted that the rise of RLUSD could challenge the leaders in the stablecoin market, particularly if its adoption in the decentralized finance (DeFi) industry and its use for cross-border activities continues at its current pace. Also, the relationship between Ripple and financial institutions and payment services could give RLUSD the advantage of being used in traditional finance.
