The stablecoin Ripple USD (RLUSD) surpassed $3.02 trillion in total trading activity just over a month after its debut on centralized exchanges, according to a CCData report.
In January alone, RLUSD recorded $2.84 trillion in trading volume as of Jan. 23, establishing itself as the fourth-largest stablecoin by trading volume. Jan. 4 saw the most RLUSD trading activity, reaching $400 million.
The report highlighted that RLUSD had a circulating supply of $97.5 million as of Jan. 23, backed by reserve funds exceeding $104 million. The stablecoin’s trading has been predominantly driven by activity on the Bullish exchange, which accounts for 85.7% of its volume, totaling $2.42 billion.
Bitstamp is the second-most active exchange, processing $398 million in RLUSD trades. Other exchanges, including Independent Reserve, Bitso, and Mercado Bitcoin, have also listed the asset, broadening its market reach.
RLUSD’s official launch was on Dec. 17, 2024, one week after Ripple received approval from the New York State Department of Financial Services (NYDFS).
Stablecoins surge to new heights
The broader stablecoin market experienced a notable expansion in January, with total market capitalization increasing by 5.68% to reach a record $215 billion. This marks the sixteenth consecutive monthly increase in stablecoin market capitalization.
Stablecoin dominance in the broader crypto market also climbed to 6.31%, up from 6.19% in December, reaching its highest since October.
The surge in stablecoin dominance coincided with a period of market consolidation following President Donald Trump’s inauguration.
However, despite the strong start to the year, stablecoin trading volumes on centralized exchanges appear to be on a downward trajectory. As of Jan. 26, these platforms recorded $1.71 trillion in stablecoin trading activity, suggesting that January’s total volume may fall short of December’s $2.66 trillion.
The report attributes the decline in trading activity to waning momentum following key market catalysts, including Trump’s return to office.
Tether USD (USDT) saw its market share decline in January, falling to 82.4% among top stablecoins on centralized exchanges. Meanwhile, First Digital USD (FDUSD) and USD Coin (USDC) saw their trading dominance rise to 8.77% and 8.50%, respectively.
The report noted that the change in stablecoin dominance reflects shifting market preferences as competition in the stablecoin sector intensifies.
Solana’s stablecoin supply
In January, Solana emerged as a major player in the stablecoin ecosystem, with the total supply of stablecoins on its network surging by 112% to a record $11.1 billion. This growth surpasses the previous all-time high set in 2022 and aligns with a wave of capital inflows to the network.
The spike in Solana’s stablecoin supply was notably driven by heightened decentralized exchange (DEX) trading activity following the launch of Donald Trump’s memecoin, Official Trump (TRUMP), on Jan. 18.
Since the introduction of the memecoin, Solana’s stablecoin supply has increased by 73.6%, pushing the above Binance Chain to become the third-largest blockchain for stablecoin supply, trailing only Ethereum and Tron.
USDC continues to dominate Solana’s stablecoin ecosystem, accounting for 77.9% of the network’s supply. It is followed by USDT, which has a 17.8% market share.
Additionally, First Digital Labs’ FDUSD debuted on Solana in January, expanding the network’s stablecoin assets to 30.
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