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February 1, 2025 by Mutuma Maxwell
- Ripple’s RLUSD stablecoin crossed $3.02 trillion in total trading volume within a month of its launch.
- RLUSD became the fourth-largest stablecoin by trading volume after its December 2024 debut.
- The stablecoin recorded $2.84 trillion in trading volume in January alone.
Ripple’s RLUSD stablecoin has surpassed $3.02 trillion in total trading volume just over a month after its debut. The stablecoin, launched on December 17, 2024, has quickly established itself as the fourth-largest stablecoin by trading volume. A new report from CCData highlights its rapid growth and the broader expansion of the stablecoin market.
RLUSD’s Rapid Growth in Trading Volume
RLUSD recorded $2.84 trillion in trading volume in January alone, as of January 23. The highest daily trading volume occurred on January 4, when the stablecoin reached $400 million in activity. With a circulating supply of $97.5 million and reserves exceeding $104 million, RLUSD has gained strong market traction.
Most of RLUSD’s trading activity is concentrated on the Bullish exchange, which accounts for 85.7% of its volume. Bullish processed $2.42 billion in RLUSD trades, while Bitstamp ranked second with $398 million in trading volume. Other exchanges, including Independent Reserve, Bitso, and Mercado Bitcoin, have also integrated RLUSD into their platforms.
RLUSD’s launch followed Ripple’s regulatory approval from the New York State Department of Financial Services. The approval came one week before its official market debut. The asset’s fast-growing adoption highlights increasing confidence in Ripple’s stablecoin offering.
USDT Loses Ground as Rivals Gain Market Share
The broader stablecoin market grew by 5.68% in January, bringing total market capitalization to $215 billion. This marks the sixteenth consecutive month of market expansion, reflecting strong demand for stable digital assets. Stablecoins now represent 6.31% of the total cryptocurrency market, their highest level since October.
Despite the growth, trading volumes on centralized exchanges are showing signs of slowing. As of January 26, stablecoin trading volume reached $1.71 trillion, indicating a potential decline compared to December’s $2.66 trillion. Analysts attribute this slowdown to reduced market momentum following major political and economic events.
Tether USD (USDT) remains the dominant stablecoin but saw its market share decline to 82.4% in January. Meanwhile, First Digital USD (FDUSD) and USD Coin (USDC) increased their market presence to 8.77% and 8.50%, respectively. The shift signals growing competition among stablecoin providers.
Solana recorded a sharp increase in its stablecoin supply, which jumped 112% to reach $11.1 billion in January. This surge pushed Solana’s stablecoin supply past the Binance Chain, making it the third-largest blockchain for stablecoin circulation. Only Ethereum and Tron hold larger stablecoin supplies.
Solana’s stablecoin supply growth aligns with increased decentralized exchange (DEX) activity. The launch of Donald Trump’s memecoin, Official Trump (TRUMP), on January 18 contributed to the surge. Since then, Solana’s stablecoin supply has risen by 73.6%, reflecting a wave of capital inflows.
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