Ripple’s U.S. dollar-pegged stablecoin, RLUSD, has officially launched on the Aave V3 Ethereum Core Market. It allows users to supply and borrow RLUSD directly on one of the world’s leading DeFi lending protocols, opening the door for broader adoption of Ripple’s stablecoin across the crypto ecosystem.
The launch comes with a supply cap of $50 million and a borrowing cap of $5 million, reflecting a cautious but optimistic approach to initial liquidity and risk management.
Both institutional and retail users can now supply RLUSD to earn interest or borrow the stablecoin against collateral, leveraging Aave’s decentralized, non-custodial infrastructure.
So far, the response to the launch is underwhelming. On-chain data from Aave’s dashboard shows only 125 RLUSD supplied—well below the cap—and no borrowing activity has yet occurred, resulting in a current APY of 0% and a utilization rate of zero. Despite these results, RLUSD’s price remains firmly pegged at $1.00, underscoring its stability and reliability as a dollar-backed asset.
Institutional and Retail Growth of RLUSD
The RLUSD stablecoin was launched in December 2024 and quickly gained popularity, with a market value exceeding $293 million and over $10 billion in total transactions. Recently, its 24-hour trading volume reached $33 million, showing increased interest from both businesses and individual investors.
RLUSD is primarily designed for business use, unlike many other stablecoins targeted at consumers. It is part of the Ripple Payments system, which helps make international transactions faster and easier for corporate clients.
Users can find RLUSD on well-known exchanges like Kraken, LMAX Digital, Bitstamp, Bullish, and ZeroHash. This wide availability improves its liquidity and makes it easier to access..
What’s Ahead?
By enabling RLUSD as both collateral and a borrowing asset, Aave users can now incorporate Ripple’s stablecoin into various DeFi strategies, from yield farming to collateralized lending. Additionally, activity could accelerate if Aave or Ripple introduce liquidity mining incentives or promotional APY programs to attract users and deepen liquidity.
