Key Notes

Key Notes:

Stablecoins has recorded a combined $120 billion boost in trading volume.RLUSD outperformed, ranking in the top 5 most traded stablecoins.The broader market is in recovery mode, with Binance Coin outranking Solana.

The stablecoin market has hit a significant milestone, with Ripple USD (RLUSD) in the spotlight. According to CoinMarketCap data, the stablecoin market’s trading volumes have crossed $124 billion, inking a 25% increase.

The combined valuation has also jumped to $230.36 billion, showing the importance of stablecoins in crypto. The Ripple-issued RLUSD has seen its trading volume rise by 70.86% to $125.89 million.

RLUSD is tied to the US dollar and works on both the XRP Ledger and Ethereum blockchains. Launched late last year, its setup is designed to help solve problems in P2P and cross-border payments that traditional banks face.

For weeks, this stablecoin has tried to pass the $100 million mark. New developments in the Ripple network have helped it grow, making it more popular than rival stablecoins. According to CoinMarketCap, RLUSD’s market capitalization is $53.09 million.

Ripple’s reputation and regulatory compliance were key factors in getting RLUSD listed on major exchanges. As noted by Coinspeaker, these listings have significantly increased the stablecoin’s market value and supported its global adoption. Experts believe Ripple’s success and partnership will increase RLUSD’s capitalization.

Ripple recently partnered with a Portuguese exchange Unicambio to expand in Europe. This deal will create a Ripple-based payment system to facilitate transactions between Portugal and Brazil.

Earlier this month, Coinspeaker reported that Ripple joined forces with major financial platforms, including Revolut and Zero Hash. These partnerships aim to make RLUSD more accessible to users.

The growth of the overall crypto market is helping stablecoins become more popular in global finance. Over 160 stablecoins are listed on CoinMarketCap. Their main purpose is to serve as a middle step between fiat and cryptocurrencies.

There are four main types of stablecoins: fiat-backed, crypto-backed, commodity-backed, and algorithmic stablecoins. Fiat-backed tokens remain the most common, but each type has its own unique operational dynamics.

The total crypto market is worth $3.19 trillion, and trading volumes have grown by 28.78% to $131.18 billion. Despite this, Bitcoin (BTC), the world’s largest digital asset, is trading at $95,941, having lost 2.34% in the past week.

Tether USDT $1.00 24h volatility: 0.1% Market cap: $142.50 B Vol. 24h: $21.07 B is still the leader in the stablecoin market, with a value of $141.7 billion and a trading volume of $103.94 billion. USDT’s trading volume jumped by 31% in a single day amid a broad market recovery. Circle’s USDC USDC $1.00 24h volatility: 0.0% Market cap: $57.09 B Vol. 24h: $3.14 B , is the second most traded stablecoin, and RLUSD is currently in fifth place.

Meanwhile, other altcoins like Ethereum (ETH), XRP, and Binance Coin (BNB) have also shown strong market resilience. BNB, for instance, has jumped by 12% to $705.89. BNB has grown by 22% in the last seven days, giving it a major hedge to outrank Solana (SOL) again.

While Binance Coin has benefitted from the memecoin hype in the ecosystem, Solana appears to lag behind.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

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