24h Change-0.03%
All Time HighDec 26, 2024$1.07
All Time LowDec 18, 2024$0.96
Market Cap$1.597b
Fully Diluted Valuation$1.597b
Circ. Supply1.597b RLUSD
CEX Volume$69.52m
DEX Volume$54.2m
How much debt can be issued against RLUSD as collateral across lending protocols.
Maximum possible exposure to RLUSD
$59.3m
$11.72m (max additional borrows against RLUSD) + $47.58m (bad debt if RLUSD was hacked now)
Euler V2
$50.9m at-risk exposure = $39.19m bad debt if hacked + $11.72m additional borrowable against RLUSD
Aave V3
$8.39m at-risk exposure = $8.39m bad debt if hacked + $0 additional borrowable against RLUSD
Showing collateral exposure for RLUSD on Ethereum. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
Each row is one protocol-chain exposure for RLUSD as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
RLUSD0x8292bb45bf1ee4d140127049757c2e0ff06317ed | $11.72m | $39.19m | ||
RLUSD0x8292bb45bf1ee4d140127049757c2e0ff06317ed | $0 | $8.39m |
Risk-management actions published about RLUSD by tracked risk managers and governance contributors, newest first.
A proposal was published to assess Ripple USD (RLUSD) for inclusion in USDe's backing portfolio. The asset is issued by a Ripple subsidiary under NYDFS regulation, making it a candidate for the liquid stables portfolio.
RLUSD is proposed as a new backing asset due to its status as a NYDFS-regulated stablecoin with fully-backed reserves and a history of strong peg stability. Ethena has secured a direct institutional relationship with Ripple for minting and redemption, mitigating secondary market exit risks, though risks related to its parent company (Ripple) and high holder concentration are noted.
New Grove × Steakhouse RLUSD Morpho Vault V2 onboards multiple assets for lending against RLUSD, with 3% CRR for syrupUSDC/RLUSD per Atlas. Monthly grant to Grove Foundation from SubProxy reduces overall risk capital needs.
Gauntlet reviewed market comparisons and internal modeling, finding sufficient on-chain liquidity and low volatility to support a modest LLTV increase while maintaining robust risk controls and liquidation support.
RLUSD has minimal utilization with total supply of $43,569 on Euler Prime, justifying removal due to low demand.
RLUSD experienced exit-liquidity after termination of its self-incentives, compounded by broader shifts in incentives to other projects and blockchains. The fee reduction improves lending APY to counteract this and stabilize the vault.
Replacing RLUSD's fixed 1:1 rate with Chainlink oracle provides a more dynamic and reliable price feed, enhancing EulerSwap pool functionality through improved aggregator compatibility.
RLUSD is expanding into Ethereum DeFi following its new listing on Aave with a 50M supply cap, creating demand for additional allocation venues. Euler Yield's cap increase to 100M positions it competitively to capture organic demand, backed by a deep Curve RLUSD/USDC pool with $53M liquidity supporting $20M swaps at just 0.05% price impact.
Dai Savings Rate and Sky Savings Rate reductions from 5.5% to 3.5% and 6.5% to 4.5% lower DeFi risk-free yields, prompting kink borrow APY cuts in Euler Yield to maintain arbitrage spreads and boost borrowing/utilization.
rlUSD is being added as a non-yield borrowable asset in the new Euler T-Bill market to enable efficient lending and borrowing amid record stablecoin supply and rising institutional demand for tokenized treasuries.
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Showing 10 of 25 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabRLUSDAave Horizon Market | $77.5m | 5.24% | 1.80% | 3.44% | 4.85% | ||||
| open in new tabUSDC-RLUSD | $77.25m | 5.94% | 1.31% | 4.63% | 5.86% | ||||
| open in new tabRLUSDEVK Vault eRLUSD-7 | $7.42m | 6.57% | 3.74% | 2.83% | 5.74% | ||||
| open in new tabRLUSD-USDCCurve | $3.44m | 5.65% | 5.61% | ||||||
| open in new tabRLUSD-USDC0.01% | $2.92m | 10.69% | 10.69% | 7.44% | |||||
| open in new tabBOLD-LUSDCurve | $390,596 | 7.13% | 5.01% | ||||||
| open in new tabBOLD-LUSDVelodrome | $115,094 | 7.07% | 5.22% | ||||||
| open in new tabBOLD-LUSDstable - 0.05% | $115,067 | 7.52% | 7.52% | 5.62% | |||||
| open in new tabRLUSDEVK Vault eRLUSD-1 | $11,467 | 6.74% | 6.74% | 7.03% | |||||
| open in new tabHAI-LUSDstable - 0.05% | $10,150 | 8.67% | 8.67% | 6.84% |
No borrow routes found using RLUSD as collateral.
