RLUSD hits over 33,000 transactions in 6 months with MiCA compliance

Ripple's RLUSD (CRYPTO:RLUSD) stablecoin has gained significant traction in the European crypto market, processing over 33,000 transactions since its testing phase began in June 2024.

This growing adoption highlights RLUSD’s increasing role as a MiCA-compliant asset, in line with the European Union’s regulatory framework under the Markets in Crypto-Assets (MiCA) law.

RLUSD's rise comes amid regulatory challenges for Tether (CRYPTO:USDT) in Europe.

Following the implementation of MiCA, USDT was delisted from several European exchanges due to non-compliance with the new regulations.

While USDT can still be stored in non-custodial wallets, its ability to trade on MiCA-compliant exchanges is restricted, which has opened the door for RLUSD to potentially fill the void as a compliant stablecoin in the region.

Data from CryptoQuant shows RLUSD has processed 33,953 transactions on the XRP Ledger and 1,690 on Ethereum, indicating significant growth in its adoption.

This surge is attributed to RLUSD's regulatory compliance, positioning it as a viable alternative to Tether in Europe, especially as Tether’s market cap has seen a decline in early January due to the MiCA restrictions.

Ripple launched RLUSD in December 2024 after receiving regulatory approval from the New York Department of Financial Services (NYDFS).

The stablecoin is pegged to the US dollar at a 1:1 ratio and is part of Ripple’s broader initiative to enhance cross-border payments.

The token has already gained traction on major exchanges such as Uphold, Bitstamp, Bitso, Moonpay, and CoinMENA.

Ripple CTO David Schwartz has addressed concerns about potential price anomalies, particularly after RLUSD briefly traded at $1,200 on the Xaman platform.

He reassured the community that such deviations would be corrected swiftly through arbitrage mechanisms, ensuring that the stablecoin's price stabilises.

At the time of reporting, the Ripple USD (RLUSD) price was $0.9987.