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

Jack McDonald, senior vice president of stablecoins at enterprise blockchain firm Ripple, has highlighted “exploding” decentralized finance (DeFi) growth in his recent social media post.

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

More demand for RLUSD

McDonald has noted that the net available liquidity of the Ripple USD (RLUSD) token on the decentralized lending platform Aave is now approaching $240 million. The total amount of deposited RLUSD tokens has now surpassed $340 million.

As reported by U.Today, Aave added support for RLUSD back in April. Within just days, the supply of RLUSD topped $70 million.

Apart from lending and borrowing, the RLUSD stablecoin is also used in other parts of the DeFi ecosystem (such as trading and liquidity provision on decentralized exchanges).