Ripple has successfully launched its stablecoin, RLUSD, on both the XRPL and Ethereum networks. The company aims to use RLUSD to improve cross-border payments and remittances, as well as facilitate fiat currency exchanges.
Over 80 million RLUSD stablecoins have been minted, and the stablecoin is fully backed by USD and cash-equivalent reserves. Recent data from the Ripple Stablecoin Tracker shows that significant transfers of RLUSD are occurring, with the largest transactions recorded at 3.5 million and 3.039 million RLUSD.
Ripple's president, Monica Long, is optimistic about the demand for stablecoins in 2025 and expects financial institutions and retail users to increasingly adopt RLUSD. Ripple plans to release an attestation report later this month to provide transparency about the asset holdings backing RLUSD. The stablecoin has gained attention from platforms like Bitstamp and Bullish, and Long predicts that other large exchanges will soon adopt RLUSD.
Dogecoin (DOGE) has experienced volatility, losing 12% of its value recently. However, DOGE's performance remains relatively stable compared to other cryptocurrencies. On-chain data presents conflicting signals regarding DOGE's future, with speculative activity decreasing but derivatives volume surging.
Technical analysis suggests that DOGE's price is approaching a critical juncture, with support levels at $0.29 and $0.23. Traders are advised to monitor volume and market activity to determine DOGE's direction.
Ripple is also eyeing the potential approval of an XRP exchange-traded fund (ETF) in 2025, which could further enhance Ripple's position in the market. The combination of RLUSD's growing adoption and the potential for an XRP ETF creates a promising outlook for Ripple and the broader cryptocurrency market.