Ripple’s RLUSD has officially launched on Kraken, marking another milestone for the stablecoin. Trading for RLUSD began on the exchange at 16:00 UTC on Wednesday, allowing Kraken users to interact with the token. The stablecoin has already demonstrated strong momentum, surpassing $10 billion in cumulative trading volume since its inception.
Kraken Expands RLUSD Availability Alongside Other Major Exchanges
In a press release, Kraken expressed enthusiasm about the listing, stating, “We’re thrilled to announce that RLUSD is now available for trading on Kraken!” The exchange also provided details on the stablecoin, highlighting that RLUSD is fully backed by a reserve of cash and cash equivalents. Additionally, it is redeemable at a 1:1 ratio with the US dollar, making it a reliable asset for various financial operations, including payments, global settlements, on/off ramping, and trading collateral.
Kraken users can now deposit RLUSD by navigating to the funding tab on their accounts, selecting RLUSD, and using a supported network. However, access to RLUSD via Kraken’s mobile app is not yet available, and the instant Buy feature will remain inactive until sufficient liquidity is established. With Kraken joining the list of platforms offering RLUSD, the token is now available on several leading exchanges, including Archax, B2C2, Bitso, Bitstamp, Bullish, Coinmena, Flowdesk, Independent Reserve, JST Digital, Keyrock, LMAX Digital, Mercado Bitcoin, Moonpay, Revolut, Uphold, and Zero Hash.
Ripple Integrates RLUSD into Its Cross-Border Payments Platform
Beyond its exchange listings, Ripple has integrated RLUSD into its enterprise-grade cross-border payments network, Ripple Payments. This move is expected to enhance the token’s utility, providing instant connections to banks, financial institutions, payment service providers, and exchanges across more than 90 payout markets.
Jack McDonald, Senior Vice President of stablecoins at Ripple and CEO of Standard Custody & Trust Co., highlighted the significance of this integration, emphasizing RLUSD’s ability to offer fast, cost-effective, and scalable cross-border payments. Currently, only a select group of companies, including BKK Forex and iSend, are leveraging RLUSD for international transactions. However, Ripple plans to onboard additional enterprise clients, particularly those handling institutional financial flows. The company has also partnered with Chainlink to incorporate RLUSD data feeds, increasing accessibility for retail users.
RLUSD’s Market Growth and Expanding Adoption
The stablecoin’s market capitalization has surged to nearly $250 million, reaching the $200 million milestone just three months after its launch. RLUSD’s monthly transfer volume has also seen impressive growth, rising from $466 million to over $720 million in the past month—a 55% increase. Additionally, the token has surpassed $10 billion in cumulative trading volume, with analysts attributing this rapid expansion to its growing presence on global exchanges and increasing adoption by financial institutions and non-governmental organizations (NGOs).
With continued momentum and expanding real-world applications, RLUSD is positioning itself as a key player in the digital asset ecosystem, driving further innovation in both trading and global paymenT
Leave a Reply