Ripple has taken another significant step in expanding the reach of its flagship stablecoin, RLUSD, by launching it on Kraken, a well-established cryptocurrency exchange. This move comes as RLUSD nears the $250 million market cap milestone, having been introduced in December last year.
Growing Market Presence
With Kraken now supporting RLUSD, the stablecoin is gaining traction across multiple platforms. Other exchanges that have already listed RLUSD include LMAX Digital, Zero Hash, Bitstamp, and Bullish. Ripple continues to focus on forming partnerships with global entities to increase the token’s accessibility and utility.
Jack McDonald, Ripple’s Senior Vice President of Stablecoins, noted that RLUSD’s market capitalization has exceeded the company’s internal expectations. He highlighted that the token is being utilized in various financial sectors, including as collateral in both traditional and crypto trading markets.
“New exchanges are listing RLUSD on an ongoing basis, and we’re actively working with NGOs who see the opportunity to streamline giving through stablecoins,” McDonald stated.
RLUSD’s Expanding Use Cases
RLUSD operates on both the XRP Ledger and Ethereum, providing users with a stable and efficient digital asset for cross-border payments, remittances, and trading settlements. As of April 2, RLUSD’s market capitalization stands at $244 million, ranking it as the 22nd largest stablecoin.
Beyond its exchange listings, Ripple has also integrated RLUSD into Ripple Payments, its flagship payment solution. This integration aims to enhance the efficiency of cross-border transactions and further expand the token’s role within financial institutions.
Adoption by Financial Services Providers
Ripple has already onboarded key financial service providers such as BKK Forex and iSend to utilize RLUSD for cross-border payments. The company plans to continue expanding adoption among payment providers, reinforcing RLUSD’s role in the global financial ecosystem.
