The October 10 flash crash is considered the largest liquidation event in crypto market history, surpassing what was seen during the FTX collapse. More than $19 billion in leveraged bets have been liquidated, and funding rates have fallen to their lowest levels since the depths of the 2022 bear market.
This crash also marked one of the sharpest and most complex market turbulences ever seen in stablecoin trading.
Amid this, Ethena’s synthetic dollar, USDe, briefly fell to $0.65 on Binance during the market decline, losing its $1 peg in the process.
It is not uncommon for a small number of “stable” assets to lose their $1 peg during a large, unexpected market decline.
Nevertheless, Ripple USD remained pegged at $1 throughout the decline, passing its first major stress test since its inception in December 2024.
RLUSD rises to the top 100
Ripple USD (RLUSD) stablecoin ranks among the top 100 cryptocurrencies by market capitalization.
At the time of writing, RLUSD remains the 82nd largest cryptocurrency with a market capitalization of $840.86 million, ahead of DeFi token Curve Dao (CRV).
Previously, RLUSD was in the top 100 rankings, but only for a short period of time, and then dropped out of the rankings.
However, we are seeing changes as RLUSD establishes itself within the top 100 and is positioned to continue rising amid increased adoption.
Last week, Ripple announced a strategic partnership with Bahrain’s Fintech Bay to accelerate cryptocurrency adoption to bring Ripple Custody and RLUSD to major financial institutions in the region.
