Ripple's RLUSD stablecoin is now available for supply and borrowing on Aave's V3 Ethereum Core market, as announced recently. RLUSD, pegged 1:1 to the U.S. dollar, is backed by dollar deposits and short-term U.S. Treasuries.
The peer-to-peer loans market features a supply cap of 50 million RLUSD and a borrow cap of 5 million RLUSD. Aave's support is a significant development for RLUSD, considering the protocol's influence in DeFi. Aave operates across 17 blockchain networks, including Ethereum, Sonic, Base, Optimism, Polygon, and Arbitrum.
Security features, including a "clawback" function, enhance its appeal to institutional users. Since launching in December, the stablecoin has grown to a market cap of $294 million, fueled by increased trading volume and new partnerships.