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Ripple’s USD-pegged stablecoin, RLUSD, closed Q1 2025 with a combined market capitalization of $244.2 million across the XRP Ledger (XRPL) and Ethereum. On XRPL alone, RLUSD reached a market cap of $44.2 million, making it the largest stablecoin on the network, according to the latest report by Messari. Due this growth, the total market cap of fungible tokens, known as Issued Currencies, surged by 6.5% QoQ to $281.5 million. Despite this milestone, stablecoin adoption on XRPL remains limited compared to dominant stablecoins like Tether (USDT) and USD Coin (USDC), which ended Q1 with total market caps of $144.0 billion and $60.1 billion, respectively, across all supported networks. Historically, the introduction of a trusted stablecoin in a new execution environment has triggered major liquidity events, as seen with Cardano’s iUSD in 2023, often serving as a key pairing asset in automated market makers (AMMs). Until recently, regulatorily compliant tokens like RLUSD, which feature Clawback – a mechanism on XRPL that lets issuers retrieve distributed tokens – were not compatible with the network’s automated market maker (AMM) due to the lack of Clawback support. This changed in January when the AMM Clawback amendment was implemented, allowing such tokens to be traded on the AMM. The update is expected to boost AMM activity as more compliant assets launch on XRPL. Potential applications include enabling on-chain trading of previously illiquid real-world assets (RWAs), earning yields through AMM participation, and cross-chain price arbitrage. RLUSD launched publicly on December 17, 2024, on both XRPL and Ethereum. It is fully backed by US dollar deposits, short-term US Treasuries, and other cash equivalents, with monthly attestations provided by third-party firms. In January, Ripple announced the integration of Chainlink Price Feeds on Ethereum to provide RLUSD pricing data. In April, RLUSD was added to Ripple’s cross-border payment platform, Ripple Payments, while Kraken launched trading support. Additional Q1 listings came from LMAX Group, Zero Hash, and Bitstamp, joining Uphold, Bitso, MoonPay, Archax, CoinMENA, Independent Reserve, and Bullish. Further boosting infrastructure around RLUSD, Korean custody provider BDACS signed a strategic partnership with Ripple in February to offer custody services for XRP, RLUSD, and other digital assets.

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The European Union’s new MiCA regulations have sent shockwaves through the crypto ecosystem. These rules aim to bring stability to stablecoins, but the fallout has been swift and disruptive. Tether, the issuer of USDT, the most widely used stablecoin globally, has started withdrawing its flagship product from major European crypto exchanges. This strategic retreat by Tether, driven by what it evidently sees as challenging regulatory hurdles under MiCA, is creating a noticeable vacuum in the continent’s digital asset markets. Observers note that USDT liquidity has begun to tighten on these platforms, leaving traders and protocols scrambling for viable alternatives. In this turbulent environment, Ripple’s RLUSD stablecoin appears to be quietly gaining ground , set to reshape the competitive field. The MiCA regulations don’t pull any punches, imposing stringent new limits and requirements on stablecoin issuers operating within the EU. Key rules include a prohibition on paying interest on stablecoin balances, a mandate for issuers to hold at least 60% of their reserves in cash, and strict caps on daily issuance and redemption volumes. Furthermore, stablecoin operations and compliance frameworks must align with those of EU-regulated banking institutions. Faced with these new operational demands, Tether, unwilling to restructure its massive $150 billion operation, chose to exit rather than comply. Consequently, top exchanges in Europe delisted USDT, leaving traders with fewer options and thinning liquidity across key trading pairs. While Tether steps back, Circle has been actively pushing its MiCA-compliant stablecoins, USDC and its euro-pegged counterpart EURC, further into the European spotlight. But combined euro-denominated stablecoins still hover around just $250 million in market cap. USDC fares better at $61 billion, yet both remain far behind USDT’s dominant position. That gap presents a significant opportunity one Ripple seems prepared to seize. Related: Ripple Joins Forces with Zand Bank and Mamo to Transform Cross-Border Payments in UAE Ripple’s stablecoin, RLUSD, entered the market in December with full MiCA compliance baked in. It operates on both the XRP Ledger and Ethereum, offering flexibility that few can match. Unlike other U.S.-centric stablecoin providers, Ripple has cultivated deep institutional ties globally. This global strategy is now paying dividends. Significantly, Ripple has also built relationships with regulators over the years. This allows it to scale quickly without legal friction. With a proven blockchain infrastructure and a focus on regulatory cooperation, RLUSD stands ready to capitalize on the vacuum left by USDT. The instability from Tether’s exit could extend beyond stablecoins. Bitcoin often relies on stablecoin liquidity for trading pairs. Thinner markets may lead to increased volatility, especially in Europe. Moreover, if traders shift away from USDT, Bitcoin could experience sharper moves as liquidity dries up. Related: Ripple’s RLUSD vs Tether’s USDT: GENIUS Act May Reshape Stablecoin Ranks However, XRP may be the unexpected winner in this realignment. As RLUSD gains traction, demand for XRP could rise, especially on the XRP Ledger. If Ripple captures even a fraction of Tether’s displaced volume, XRP could benefit significantly—potentially setting the stage for a breakout before year-end. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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Study: XRP Sees Q1 Growth While BTC, ETH, SOL Market Caps Fall – Crypto News Bitcoin News