Ripple billionaires’ RLUSD captures less than 0.04% of stablecoin market
Ripple’s much-anticipated stablecoin, Ripple USD (RLUSD), has failed to gain traction since its mid-December launch. Despite the well-capitalized company’s billions in funding and decade of experience in the blockchain industry, the XRP token hasn’t even captured a 0.04% market share of the stablecoin industry. Today, RLUSD’s market capitalization remains below $75 million. For context, the market cap of tether (USDT) alone is $137 billion. Ripple advertises its new stablecoin, designed to maintain a 1:1 peg with the US dollar, as an enterprise-grade solution for institutional financial use cases. However, its lackluster performance raises questions about demand for yet another USD proxy in an already crowded sector. Discouragingly, only a tiny number of exchanges list RLUSD for trading — with a significant amount of its trading volume on exchanges in which Ripple previously invested like Bitstamp and Bitso. Ripple went all-in on politics and gained b...