TLDR
Ripple President Monica Long predicts XRP ETF approval coming “very soon,” with multiple firms already filing applications
RLUSD stablecoin has reached $53 million market cap since December launch, with more exchange listings planned
Ripple’s payments business doubled in 2023, with strong growth in US market during last six weeks
RLUSD is currently available on Bitso, MoonPay, and CoinMina, with planned expansion to Bullish and MercadoBitcoin
Long suggests more crypto spot ETFs will be approved in 2024, with XRP likely next after Bitcoin and ETH
Ripple President Monica Long has outlined the company’s expanding presence in both the ETF and stablecoin markets, revealing plans for near-term developments in both sectors. In a recent Bloomberg Crypto interview, Long shared updates on the company’s RLUSD stablecoin progress and expressed confidence about an upcoming XRP exchange-traded fund (ETF) approval.
The RLUSD stablecoin, launched in December on Ethereum and the XRP Ledger, has achieved a market capitalization of $53 million. The stablecoin is currently available on several platforms, including Bitso, MoonPay, and CoinMina, with planned expansions to Bullish and MercadoBitcoin in the works.
Long indicated that more exchange listings are coming soon, describing the timeline as “imminent.” The company has incorporated Chainlink services into RLUSD to enhance its functionality within decentralized finance (DeFi) protocols, aiming to increase its utility and adoption.
The stablecoin sector represents a key focus for Ripple, with Long highlighting their role in both trading and payments. She described stablecoins as essential tools for moving in and out of crypto markets, predicting increased demand as the crypto market continues to grow.
On the ETF front, Long expressed optimism about approval timelines, stating that an XRP ETF would likely come “very soon.” She noted that several asset management firms, including Canary Capital, WisdomTree, and 21Shares, have submitted applications for XRP ETFs.
Ripple President Monica Long expects to see their new stablecoin RLUSD on more platforms "imminently" and says we will see an XRP ETF soon https://t.co/e4TuV4XPv3 pic.twitter.com/LhfIMNDDs9
— Bloomberg Crypto (@crypto) January 7, 2025
Bitwise filed a registration statement with the Securities and Exchange Commission (SEC) in October for an XRP ETF, leading to multiple subsequent applications from other firms. The SEC has not yet made decisions on these applications.
The company’s core payments business showed strong performance, doubling in size over the previous year. Long noted particularly robust growth in Ripple’s US operations, with more local deals signed in the final six weeks of 2024 than in the preceding six months.
RLUSD’s integration with Chainlink represents a strategic move to enhance the stablecoin’s functionality. This integration aims to make the stablecoin more accessible and useful within DeFi protocols, potentially expanding its user base.
Long addressed the regulatory environment, suggesting that recent administrative changes could accelerate ETF approval processes. Multiple asset managers have positioned themselves to launch XRP ETFs, indicating industry confidence in eventual regulatory approval.
The stablecoin’s current market presence spans multiple exchanges, with Long indicating plans for broader availability. She emphasized the importance of careful expansion and proper integration with trading platforms.
Ripple’s business growth has been particularly notable in the US market, where the company has seen increased adoption of its payment solutions. This growth comes as more institutions and corporations explore blockchain-based payment options.
The XRP token traded at $2.31 at the time of the interview, reflecting market interest in Ripple’s developments. The price movement comes amid broader market discussions about crypto ETF approvals and their potential impact.
Long’s comments about stablecoin growth aligned with market data showing increased adoption of digital payment solutions. She pointed to rising demand for stable digital assets in both trading and payment contexts.
The company’s approach to ETF development involves working with multiple asset managers, potentially increasing the likelihood of approval. These partnerships span traditional finance and crypto-native firms, reflecting diverse market interest.
Long’s timeline predictions for ETF approval suggest potential developments in the near term, though specific dates were not provided. The company continues to work with regulators and partners to advance these initiatives.
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