Ripple’s Multi-chain RLUSD Surges To $1.1B Market Cap On Ethereum

The U.S. dollar-pegged stablecoin of Ripple, RLUSD, has surpassed a market capitalization of about $1.1 billion on Ethereum, which indicates increasing demand for the token in various blockchain networks.

Fresh data from raw.xyz, shows RLUSD’s total market cap is $1.29 billion, with 39,259 holders, of which majority are on XRPL. Activity of RLUSD has also increased with monthly transfer volume of $4.52 billion, spanning on both Ethereum and XRP Ledger.

The move has sparked debate over the decision of Ripple to implement RLUSD on both the XRP Ledger (XRPL) and Ethereum, which some analysts now regard as a major driver of its adoption.

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