Ripple’s RLUSD Joins Kraken as Adoption Grows
Ripple’s stablecoin, RLUSD, has officially joined the trading lineup on Kraken, marking another step forward for the digital asset.
This move comes after RLUSD has already seen significant traction, boasting over $10 billion in cumulative trading volume—a sign of growing adoption and market interest.
Kraken’s listing adds to RLUSD’s availability on several other exchanges, including Archax, Bitso, and Bitstamp. In its announcement, Kraken emphasized that RLUSD is fully backed by cash and cash equivalents, redeemable at a 1:1 ratio with USD. The stablecoin is designed for a range of financial activities, from payments and global settlements to acting as trading collateral.
To access RLUSD, Kraken users can visit the funding tab on their accounts, select RLUSD, and choose one of the supported networks. However, mobile access and the instant Buy feature are not yet available, pending liquidity requirements.
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Ripple has also integrated RLUSD into its cross-border payments platform, Ripple Payments, enhancing the token’s utility in global financial transactions. Jack McDonald, Ripple’s Senior Vice President of stablecoins and CEO of Standard Custody & Trust Co., highlighted the move as a way to improve the efficiency of cross-border payments. With coverage in over 90 payout markets, Ripple Payments connects seamlessly with banks, financial institutions, and payment providers worldwide.
Currently, a few users, such as BKK Forex and iSend, have begun utilizing RLUSD for cross-border transactions. Ripple is actively working to onboard more enterprise clients, emphasizing the stablecoin’s potential for institutional use. Earlier, Ripple also partnered with Chainlink to enhance RLUSD’s accessibility for retail investors by integrating data feeds.
The stablecoin’s market cap has seen impressive growth, reaching nearly $250 million just a few months after launch. Monthly transfer volumes have also increased significantly, jumping 55% from $466 million to over $720 million last month. Analysts attribute this rapid growth to increased exchange listings and rising adoption among financial institutions and NGOs, solidifying RLUSD’s position in the market.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
