The Stablecoin Ripple USD (RLUSD) surpassed $ 3.02 trillion in total trading activity just over a month after his debut about centralized fairs, according to a CCDATA report.
In January alone, from January 23, RLUSD registered $ 2.84 trillion in trade volume and established itself as the fourth largest stabilecoin through trade volume. January 4 saw the most RLUSD trade activity and reached $ 400 million.
The report emphasized that RLUSD had a circulating stock of $ 97.5 million from January 23, supported by reserve funds of more than $ 104 million. The trade of the Stablecoin is mainly driven by activity on the Bullish fair, which accounts for 85.7% of its volume, a total of $ 2.42 billion.
Bitstamp is the second most active exchange and processes $ 398 million in RLUSD transactions. Other stock markets, including Independent Reserve, Bitso and Mercado Bitcoin, have also mentioned it actively, which broadens the market range.
Rlusd’s Official was on December 17, 2024, a week after Ripple Receive approval of the New York State Department of Financial Services (NYDFS).
Stablecoins rise to new heights
The wider Stablecoin market experienced a remarkable expansion in January, with the total market capitalization increasing by 5.68% to reach a record of $ 215 billion. This marks the sixteenth consecutive monthly increase in the market capitalization of Stablecoin.
Stablecoin dominance in the wider crypto market also climbed to 6.31%, an increase of 6.19% in December, and reached the highest since October.
The increase in Stablecoin’s dominance coincided with a period of market consolidation after President Donald Trump’s inauguration.
Despite the strong start of the year, however, the trading volumes of the Stablecoin on centralized exchanges seem to be on a downward route. From January 26, these platforms registered $ 1.71 trillion on Stablecoin commercial activity, which suggests that the total volume of January can fall short of the $ 2.66 trillion of December.
The report attributes the deterioration of trading activities to taking Momentum after important market catalysts, including Trump’s return to the office.
Tether USD (USDT) saw its market share fall in January and fell to 82.4% at Topstablecoins at centralized fairs. In the meantime, First Digital USD (FDUSD) and USD Coin (USDC) saw their trade dominance rise to 8.77% and 8.50% respectively.
The report noted that the change in the dominance of the Stablecoin reflects the shifting market preferences as the competition in the Stablecoin sector increases.
Solana’s Stablecoin Supply
In January, Solana emerged as an important player in the ecosystem of the Stablecoin, with the total range of Stablecoins on his network that rises by 112% to a record of $ 11.1 billion. This growth exceeds the previous of all time in 2022 and corresponds to a wave of capital inflow to the network.
The peak in Solana’s Stablecoin offer was mainly powered by increased decentralized Exchange (DEX) Trade activity after the launch of Donald Trump’s Memecoin, official Trump (Trump), on January 18.
Since the introduction of the Memecoin, the Solana’s Stablecoin range has increased by 73.6%, making the above-mentioned binance chain the third largest blockchain for Stablecoin supply, Only Ethereum and Tron chase.
USDC continues to dominate the Solana Stablecoin system, accounting for 77.9% of the network range. It is followed by USDT, which has a market share of 17.8%.
In addition, the FDUSD of First Digital Labs debuted about Solana in January, so that the Stablecoin assets of the network were extended to 30.