Ripple RLUSD Tops $600M Market Cap with New Partnerships
Ripple’s RLUSD stablecoin has surpassed a $600 million market cap after minting 10 million tokens on the Ethereum blockchain. Institutional support strengthened as Bank of New York Mellon began custodial services for RLUSD, boosting credibility and user trust. DeFi integration improved when Doppler Finance launched an RLUSD vault, allowing holders to earn rewards and increasing token utility. Independent rating agency Bluechip rated RLUSD the most trusted stablecoin, further enhancing its adoption prospects. RLUSD also overtook Zcash (ZEC) in market capitalization and is targeting a top-five stablecoin ranking by year-end. These developments signal growing institutional and retail interest, pointing to enhanced liquidity, stability, and broader use of RLUSD in trading and decentralized finance.
Bullish
The significant market-cap milestone and strategic partnerships signal a bullish outlook for RLUSD. Institutional custody by BNY Mellon follows precedents like Paxos’ partnerships, which drove stablecoin adoption and volume. DeFi integration via Doppler Finance’s vault mirrors past yield-driven growth seen with USDC on Compound and Aave, suggesting increased demand from yield-seeking traders. Independent ratings add credibility, likely attracting new capital. In the short term, expect heightened trading volume and tighter spreads. Long term, stronger institutional backing and DeFi utility could cement RLUSD’s position among top stablecoins, boosting overall market stability and encouraging broader ecosystem growth.