Ripple’s RLUSD Sees Rapid Uptake as EU Traders Seek MiCA-Compliant Stablecoins

Ripple’s stablecoin RLUSD is quietly gaining ground in Europe, processing tens of thousands of transactions just months after its rollout—thanks largely to regulatory tailwinds and a shifting stablecoin market.

According to new data from CryptoQuant, RLUSD has facilitated over 33,953 transactions on the XRP Ledger and an additional 1,690 on Ethereum since pilot testing began in June 2024. That momentum aligns with the token’s design: it’s fully compliant with the European Union’s new Markets in Crypto-Assets (MiCA) framework, which officially kicked in earlier this year.

And the timing couldn’t be better.

Filling the Gap Left by USDT’s Retreat

MiCA has introduced stricter compliance rules for stablecoins operating in the EU—particularly around licensing, asset backing, and transparency. As a result, some exchanges in the region have begun delisting Tether’s USDT, citing non-compliance with MiCA guidelines.

That’s opened the door for RLUSD to fill the gap. Unlike USDT, RLUSD was launched with compliance at its core, giving it a distinct edge as institutional and retail investors alike look for legally sound options in Europe’s fast-evolving crypto environment.

Tether recently saw one of its largest weekly market cap drops since the FTX collapse in late 2022—another sign that regulatory pressure is starting to bite.

RLUSD’s Strategic Rollout

Ripple officially launched RLUSD in December 2024 after gaining approval from the New York Department of Financial Services (NYDFS). The token is fully backed 1:1 by U.S. dollars and designed for cross-border payments, a key part of Ripple’s core business.

Several major platforms have since adopted the stablecoin, including Uphold, Bitstamp, Moonpay, Bitso, and CoinMENA. Most recently, Bullish—a Peter Thiel-backed crypto exchange—listed multiple RLUSD trading pairs, including BTC/RLUSD, ETH/RLUSD, XRP/RLUSD, USDC/RLUSD, and EUR/RLUSD.

Ripple CTO David Schwartz previously addressed market volatility concerns tied to the early launch. When a bug on the Xaman wallet temporarily showed RLUSD trading at over $1,200, Schwartz reassured users that such pricing glitches were due to low initial liquidity and would be corrected through arbitrage. “The peg is intact,” he emphasized.

What’s Next?

As Europe continues to refine its crypto regulation, MiCA-compliant assets like RLUSD may become the default choice for many traders. While USDT still dominates global stablecoin markets, its uncertain status in Europe gives compliant rivals like RLUSD a unique opportunity to grow.

Ripple’s early regulatory moves and infrastructure partnerships suggest RLUSD isn’t just a placeholder—it’s a long-term play designed to thrive in a more regulated crypto era.

If current trends continue, RLUSD could become a blueprint for how stablecoins evolve in regulated markets—bridging the gap between crypto innovation and institutional trust.