RLUSD market is growing, suggests CryptoQuant. The stablecoin is still far from competing with USDT. The RLUSD stablecoin, issued by Ripple Labs, is attracting the attention of large investors, according to a recent report from analysis firm CryptoQuant. The report highlights a change in the behavior of transactions carried out on the Ethereum network, where Larger volume operations have gained prominence over smaller ones. The analysis shows that transactions between 100,000 and 1 million RLUSD, as well as those above 1 millionhave grown significantly since the beginning of January. This increase was recorded on key dates between January 7 and 15, suggesting greater participation by institutions and large investors. On the other hand, smaller transactions, of less than 1,000 RLUSD, that initially dominated the network's activity, have reduced their relative participation.
RLUSD transaction activity on the Ethereum network. Source: CryptoQuant. This change points to an evolution in RLUSD's user base, with the market appearing to become more attractive to larger scale players.
The RLUSD market in perspective
Although the growth in large transactions is a positive indicator for Ripple Labs, RLUSD is still far from competing with sector giants such as USDT (Tether) and USDC (Circle). Currently, the global stablecoin market has a capitalization of $214 billion, of which $139 billion belongs to USDT and $51.54 billion to USDC, according to data from DeFiLlama.
Total circulating USDT. Source: DeFiLlama.
The impact of the presidential elections in the USA
The stablecoin landscape has also been influenced by recent political events, such as Donald Trump's victory in the US presidential election. Trump's victory boosted demand for both off-chain and on-chain liquidity, especially benefiting USDT. This asset increased its dominance among stablecoins, going from 72% in November to 84% in Decemberas reported at the time by BitcoinDynamic. The growing interest of whales in RLUSD reflects an evolution in the market for this stablecoin, which is beginning to attract the attention of larger players. However, its ability to compete with leaders like USDT and USDC will depend on its ability to expand its adoption and strengthen its global market share. Ripple Labs still has a way to go to position RLUSD as a key player in the stablecoin ecosystem.
