Ripple's RLUSD stablecoin will be listed on more exchanges "imminently," says executive
Ripple president Monica Long added that approval of the $XRP ETF is likely coming "very soon."
Ripple's RLUSD stablecoin will be listed on more exchanges "imminently," says executive
NEWS
Ripple CEO Monica Long expects the Ripple USD stablecoin (RLUSD) to be listed on major cryptocurrency exchanges “imminently.”
In a January 7 interview with Bloomberg, Long confirmed that Ripple is actively seeking more listings for RLUSD on exchanges.
"We continue to expand the distribution and availability of Ripple dollars on other exchanges. I think you can expect more availability, more announcements coming soon… imminently," said Long. He declined to provide details when asked about RLUSD listings on major platforms like Coinbase.
Currently, RLUSD is available on Bitso, MoonPay, CoinMina, Bullish, Mercado Bitcoin, B2C2, Keyrock, Archax, Independent Reserve, and JST Digital, according to Ripple's website.
Ripple launched RLUSD on December 17 as a stablecoin pegged 1:1 to the US dollar. At the time of publication, the stablecoin has a market capitalization of $71.8 million, according to CoinGecko.
Coinbase, Ripple, Stablecoin
Snapshot of Ripple's market capitalization. Source: CoinGecko
The majority of RLUSD trading volume—over 76%—is concentrated on the cryptocurrency exchange Bullish, divided into two main trading pairs: RLUSD/USD Coin
USDC
tickers down
€0.9716
and XRP
XRP
tickers down
€2.23
/RLUSD.
Meanwhile, the decentralized exchange Sologenic handles a smaller portion of the market. The XRP/RLUSD pair on Sologenic recorded $3.4 million in trading volume in 24 hours, representing 3.56% of the total.
"The business doubled," says Ripple's president
The demand for RLUSD is primarily driven by Ripple's payments business, which Long noted doubled last year.
"Our payments business doubled last year, and we see a very strong growth trajectory for our payment solution. And with that, Ripple dollars will play a prominent role," he stated.
Long anticipates strong growth for stablecoins.
"We believe this will be a great year for the cryptocurrency sector in general, and the demand for stablecoins will grow in line with that. It really is the way to enter and exit the market," he explained.
The stablecoin market has grown 55% since last year, reaching $206.17 billion, according to data from DefiLlama. USDt
USDT
tickers down
€0.9712
remains the largest stablecoin, with 66% market share.
XRP ETF 'very soon'
Long indicated that XRP could be next to have its own exchange-traded fund (ETF):
"I think we'll see one very soon […] XRP will probably be next after Bitcoin and ETH."
Several companies have already taken steps to launch an XRP ETF, including WisdomTree, which submitted an approval request to the Securities Commission on December 2, 2024. Bitwise, Canary Capital, and 21Shares have also filed requests for similar products.
Long believes that with the change in administration, ETF application approvals will 'accelerate.'
Ripple partners with Chainlink
To enhance the utility of RLUSD, Ripple partnered with Chainlink on January 7 to integrate price feeds for RLUSD on Ethereum and XRP Ledger.
The collaboration aims to provide accurate and manipulation-resistant price data, support DeFi applications, and mitigate risks such as price manipulation or downtime.
