Ripple's Stablecoin, RLUSD, Overtakes Zcash in Notable Move Up the Top 100 Rankings
Ripple's stablecoin, Ripple USD (RLUSD), has made a significant leap in the world of cryptocurrencies, surpassing Zcash (ZEC) in market capitalization. This shift is largely due to Ripple's strategic expansion into the stablecoin market and growing institutional trust, while Zcash remains primarily a privacy-focused cryptocurrency with a smaller market cap.
RLUSD, a dollar-pegged stablecoin, has moved up to the 104th position on the global crypto leaderboard. With a market capitalization of $602.6 million, RLUSD is almost as big as PayPal USD and First Digital USD, suggesting its growing popularity. Over 602 million RLUSD are currently in circulation, and the daily trading volume of RLUSD is now over $35.8 million.
The rise of RLUSD among a new generation of stablecoins is noteworthy. Key factors contributing to its steady growth and rising popularity include Ripple Labs' aggressive expansion into stablecoins, regulatory progress and trust building, real-world asset tokenization and cross-border use cases, and the momentum of the XRP and Ripple ecosystem.
Ripple launched RLUSD in December 2024, entering the $241 billion stablecoin market, which is attracting significant institutional and retail interest. Ripple tried to acquire Circle, the company behind the widely trusted USDC stablecoin, to leapfrog its stablecoin presence. Although the acquisition was rejected, this move highlighted Ripple’s ambition to become a key player in stablecoins and associated DeFi and traditional financial services integration.
Ripple’s subsidiary Standard Custody applied for a Federal Reserve Master account to hold reserves backing RLUSD, signaling increased regulatory oversight and institutional trust. Ripple is also pursuing a national bank charter for federal oversight, further increasing legitimacy.
RLUSD's partnerships, such as with Brazil-based Mercado Bitcoin to tokenize over $200 million in real-world assets and support cross-border payments, leverage its XRP Ledger to innovate beyond pure payments to asset tokenization and treasury services. The native XRP token recently hit new highs and is gaining broad market attention, boosting confidence in Ripple’s broader ecosystem, which underpins RLUSD.
In contrast, Zcash remains valued primarily for its strong privacy features and secure transactions but has a significantly smaller market cap (approximately $635 million vs. RLUSD’s $316 million stablecoin alone, while XRP’s overall market cap is far larger). Zcash’s niche appeal and less institutional involvement limit its growth compared to Ripple’s broader financial ecosystem expansion.
In volatile markets, stability is starting to look like a real plus for RLUSD. If mid-tier tokens continue to dip, RLUSD is likely to soon enter the top 100 due to consistent growth, not a sudden surge. The change in rankings between RLUSD and ZEC happened due to steady growth in the adoption rate of RLUSD.
RLUSD's position in the top 104 is not its final destination, as it continues to grow steadily. Dan Burgin, a Ripple advocate, has named USDC, RLUSD, and Ethereum as Genius Act winners, further highlighting the growing recognition of Ripple's stablecoin. As RLUSD continues its upward trajectory, it will be interesting to see how it impacts the broader cryptocurrency market.
[1] Source: CoinMarketCap [2] Source: CoinGecko [3] Source: Ripple Insights [4] Source: Cointelegraph [5] Source: Decrypt
- RLUSD, Ripple's stablecoin, has surpassed Zcash in market capitalization, positioning itself at the 104th spot on the global crypto leaderboard. [Source: CoinMarketCap]
- RLUSD, with a market capitalization of $602.6 million, is almost as big as PayPal USD and First Digital USD, underscoring its growing popularity. [Source: CoinMarketCap]
- Ripple launched RLUSD in December 2024, entering the $241 billion stablecoin market and aiming for increased institutional trust. [Source: Cointelegraph]
- Dan Burgin, a Ripple advocate, has named USDC, RLUSD, and Ethereum as Genius Act winners, further highlighting the growing recognition of Ripple's stablecoin. [Source: Decrypt]
- Zcash, while valued for its strong privacy features, has a significantly smaller market cap compared to RLUSD, highlighting the differences in each cryptocurrency's focus and growth strategies. [Source: Ripple Insights]
