Ripple’s stablecoin, RLUSD, has recorded over 105,011 transactions on the XRP Ledger (XRPL). The latest milestone comes approximately two months after its launch.
On the other hand, only 4,109 transactions have been processed on the Ethereum (ETH) network, meaning that more than 95% of RLUSD transactions are occurring on XRPL.
The significant preference for XRPL over Ethereum, as suggested by the latest analysis from CryptoQuant, indicates that users are favoring the network’s efficiency and lower costs. The increasing transaction count further reflected a growing adoption.
Boosting RLUSD Adoption
Ripple’s RLUSD stablecoin debuted in mid-December after obtaining the green light from the New York Department of Financial Services (NYDFS). It maintains a 1:1 peg with the US dollar and is central to Ripple’s broader plan to improve cross-border payment efficiency using blockchain-based solutions.
In an effort to boost RLUSD’s adoption in decentralized finance (DeFi), the firm partnered with the decentralized oracle network Chainlink last month. The collaboration aims to introduce reliable price feeds for RLUSD on Ethereum and the XRP Ledger, thereby facilitating efficient transactions and enterprise-grade DeFi applications. RLUSD, which is pegged to the US dollar, will leverage Chainlink’s data feeds to ensure accuracy, security, and resistance to manipulation or technical disruptions.
Meanwhile, in a recent AMA session, Cardano founder Charles Hoskinson expressed interest in integrating RLUSD and has been in talks with Ripple representatives regarding potential collaboration.
The exec mentioned that discussions with Ripple CEO Brad Garlinghouse and CTO David Schwartz are ongoing, but they were advised to hold off until March.
XRP Ledger Activates Clawback Amendment
Following a validator vote with over 90% support, a clawback amendment went live on XRP Ledger on January 31st. This change will help RLUSD stablecoin to be traded and exchanged more freely on the network’s DEX while simultaneously increasing liquidity and DeFi growth.
The clawback feature allows token issuers to reclaim assets under specific conditions, such as regulatory requirements, fraud cases, or accidental transfers. Additionally, the amendment also improves regulatory compliance for AMM pools and ensures that frozen tokens cannot be deposited into the Automated Market Maker (AMM).
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