Stablecoin Boom: RLUSD Joins the Race as Businesses Ditch Cash

• Stablecoins transacted $6.87T in 2022, surpassing Mastercard and PayPal.
• Ripple’s RLUSD offers instant payouts, multi-chain issuance, and regulatory compliance, challenging USDT and USDC.
• Stablecoin adoption grows as 41% of Americans avoid cash, driving business adoption for faster, cost-efficient payments.

Stablecoins, digital currencies linked to fiat currencies, have seen tremendous growth. In 2022, they handled transactions worth $6.87 trillion , outpacing Mastercard and PayPal in moving value across networks.

While Tether (USDT) and Circle’s USDC still lead the $100 billion stablecoin market , newcomers like Ripple’s RLUSD and PayPal’s PYUSD are shaking things up, expanding the possibilities of stablecoin use cases.

Stablecoins: Bridging the Gap Between Crypto and Fiat

Stablecoins merge the security and transparency of blockchain with the stability of traditional fiat currencies like USD or EUR. This makes them an increasingly attractive choice for payments, offering fast, cost-effective transactions while minimizing price swings.

Beyond their widespread use in retail transactions, stablecoins also provide advantages in areas like remittances, cross-border payments, and even decentralized finance (DeFi) applications.

The rise since 2022 underscores their growing role in the global financial system, making cryptocurrency more practical for everyday use. Riding this wave is Ripple’s RLUSD, a new player in the stablecoin market that is gaining traction by offering instant payouts, multi-chain issuance, and programmable finance.

Ripple’s RLUSD: A New Contender

Ripple has built RLUSD with regulatory compliance as its top priority and positioning it as a reliable, stable option for businesses looking to use blockchain technology for payments.

Even with USDT and USDC’s market dominance, Ripple’s RLUSD differentiates itself by offering cutting-edge features like its ability to operate across multiple blockchains, including the XRP ledger and Ethereum, and regulatory backing.

Read also: Ripple CTO to Host AMA on XRPL Programmability: What to Expect

As more businesses seek alternatives to cash, stablecoin adoption is picking up speed. It’s worth noting that 41% of Americans said they didn’t use cash in a week, compared to 29% in 2018. This trend is prompting business owners to embrace stablecoin payments, citing advantages like faster checkouts, lower operational costs, and improved security.