Jack McDonald, senior vp of stablecoins at enterprise blockchain agency Ripple, has highlighted “exploding” decentralized finance (DeFi) progress in his latest social media publish.
The market cap of the favored stablecoin has now surpassed $550 million, McDonald says.
Extra demand for RLUSD
McDonald has famous that the online accessible liquidity of the Ripple USD (RLUSD) token on the decentralized lending platform Aave is now approaching $240 million. The entire quantity of deposited RLUSD tokens has now surpassed $340 million.
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As reported by U.At present, Aave added assist for RLUSD again in April. Inside simply days, the availability of RLUSD topped $70 million.
Other than lending and borrowing, the RLUSD stablecoin can be utilized in different elements of the DeFi ecosystem (resembling buying and selling and liquidity provision on decentralized exchanges).