Ripple’s Stablecoin Head Says DeFi Growth Is ‘Exploding’

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Jack McDonald, senior vice chairman of stablecoins at enterprise blockchain agency Ripple, has highlighted “exploding” decentralized finance (DeFi) progress in his latest social media submit. 

The market cap of the favored stablecoin has now surpassed $550 million, McDonald says. 

More demand for RLUSD 

McDonald has famous that the web accessible liquidity of the Ripple USD (RLUSD) token on the decentralized lending platform Aave is now approaching $240 million. The complete quantity of deposited RLUSD tokens has now surpassed $340 million. 

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As reported by U.Today, Aave added assist for RLUSD again in April. Within simply days, the availability of RLUSD topped $70 million. 

Apart from lending and borrowing, the RLUSD stablecoin can be utilized in different components of the DeFi ecosystem (reminiscent of buying and selling and liquidity provision on decentralized exchanges). 

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