Ripple's stablecoin, Ripple USD (RLUSD), has not gained much traction since its launch in December. Despite the company's significant funding and experience in the blockchain industry, RLUSD has failed to capture even 0.04% of the stablecoin market share. Its market capitalization remains below $75 million, in contrast to the $137 billion market cap of Tether (USDT). The lackluster performance raises questions about the demand for yet another USD proxy in the crowded stablecoin sector. RLUSD is only listed on a few exchanges, with a significant amount of its trading volume coming from exchanges in which Ripple previously invested. The thin liquidity and lack of listings on major exchanges may be contributing to the stablecoin's struggle to attract interest and displace competitors. Despite slight fluctuations, RLUSD has generally stayed close to its intended $1 price.



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