Ripple's RLUSD stablecoin has experienced an impressive surge in trading volume, jumping 170% in the last 24 hours. This dramatic increase has pushed its market cap to a notable $53 million.
Part of this spike is influenced by growing uncertainty surrounding Tether's USDT. The European Union's MiCA regulatory compliance deadline looms, which might result in USDT's potential discontinuation in that region.
This regulatory pressure on USDT possibly creates an opportunity for RLUSD to emerge as a compelling alternative, explaining why there's a sudden heightened interest and trading activity in Ripple's stablecoin.