Ripple's RLUSD stablecoin has experienced a remarkable 170% increase in trading volume over the past 24 hours, reaching $33.67 million. This surge comes at a time when XRP sees a 5% drop in its value.
The significant interest in RLUSD has also pushed its market capitalization to $53 million, drawing attention amidst the turbulence in the crypto markets.
Meanwhile, Tether's USDT, another major stablecoin, is facing substantial regulatory challenges in Europe. The EU's upcoming MiCA regulations seem to be stirring uncertainty in the stablecoin space.
This regulatory environment appears to influence traders' preference for alternative stablecoins like RLUSD, affecting the market dynamics.
