Monica Long, the President of Ripple, anticipates that more major cryptocurrency exchanges will soon list the RLUSD stablecoin. In a recent interview, Long stated that the company is aggressively seeking to expand RLUSD’s availability across trading platforms.
“We are constantly increasing the circulation of Ripple currency across various exchanges. “Expect more announcements soon,” Long said, declining to say whether Coinbase is among the platforms under consideration.
RLUSD is currently available on platforms including Bitso, MoonPay, Bullish, and Mercado Bitcoin. Introduced on December 17, the stablecoin has a 1:1 link to the US dollar and a market valuation of $71.8 million. The Bullish exchange, where it pairs with USDC and XRP, sees the majority of RLUSD trading volume. The decentralized exchange Sologenic handles smaller volumes.
Growing demand for RLUSDRipple’s payments industry, which has expanded dramatically over the last year, mostly drives the demand for RLUSD. “Our payments revenue doubled in the last year, highlighting the growing potential of our payment solutions,” Long told me.
The stablecoin market has grown dramatically, with a global market capitalization of $206.2 billion—a 55% increase year on year. Ripple sees stablecoins as a critical link between onboarding and offboarding users in the digital asset ecosystem.
XRP ETF is on the horizon.Long also hinted that XRP may soon join Bitcoin and Ethereum in receiving approval for a spot exchange-traded fund (ETF). “I believe XRP is next in line after Bitcoin and Ethereum,” she told me.
Several companies, including WisdomTree, Bitwise, and 21Shares, have previously applied for XRP ETF approval from the US Securities and Exchange Commission (SEC). Long is optimistic that recent changes in the US political landscape could expedite the clearance process for such filings.
Improving RLUSD’s DeFi Applications.To increase the usability of RLUSD, Ripple has collaborated with Chainlink to incorporate tamper-proof pricing feeds for RLUSD on Ethereum and the XRP Ledger. This partnership intends to improve DeFi applications by delivering accurate and trustworthy pricing data while reducing the risk of price manipulation.
Ripple’s focus on increasing RLUSD usage and obtaining XRP ETF clearance illustrates its dedication to remaining at the forefront of the quickly changing cryptocurrency market. We expect these activities to significantly impact Ripple’s growth and influence in the digital banking ecosystem.
