RLUSD Trading Volume Soars 170%, This Is The Cause!

JAKARTA - Ripple's RLUSD stablecoin recorded a large surge in trading volume of up to 170% in the last 24 hours. Ripple's rising trading volume of stablecoins also boosted its market cap to reach 53 million US dollars (Rp858 billion).

This increase comes amid regulatory uncertainty that hit Tether (USDT) due to the enactment of the MiCA (Market in Crypto-Assets) law by the European Union. The regulation could force USDT out of the European market and open up opportunities for RLUSD as a more stable and regulatory alternative.

The surge in RLUSD trading volume which reached 33.67 million US dollars (IDR 544.8 billion) was influenced by several key factors. The European Union, through MiCA rules, requires stablecoins to comply with strict regulatory standards.

This makes USDT threatened with losing access on European exchanges. In this situation, RLUSD, which has received approval from authorities such as NYDFS, is starting to be considered a more trusted alternative.

The launch of RLUSD in the Ripple ecosystem accelerates its use, especially in financial services such as On-Demand Liquidity. The stability of the RLUSD value pegged at 1:1 against the US dollar has made it increasingly attractive to institutional and retail investors, especially in the midst of market volatility.

The RLUSD/USDC trading pair led with a volume of 21 million US dollars (Rp340.2 billion), followed by ETH/RLUSD of 7.01 million US dollars (Rp113.6 billion) and BTC/RLUSD of 3.3 million US dollars (Rp53.5 billion) on the Bullish Exchange platform. This figure shows widespread RLUSD adoption on various platforms.

The increase in RLUSD also occurred in the final moments of Ripple's feud with the SEC. If Ripple manages to win this case, Ripple's reputation in the crypto world will strengthen. On the other hand, Donald Trump's victory in the US election and promises to make the US a global crypto center have also boosted positive sentiment towards a number of crypto assets developed in the US, including RLUSD.