As an analyst, I’m excited to share that, according to Ripple President Monica Long, the listing of Ripple USD (RLUSD) on prominent cryptocurrency exchanges is expected to occur shortly.
In a January 7 conversation with Bloomberg, Long revealed that Ripple is aggressively seeking more platforms for listing its digital currency, RLUSD.
As an analyst, I’m excited to share that we are steadily broadening the reach and accessibility of Ripple dollars across various exchanges. Therefore, I anticipate a surge in availability, with more updates likely to be announced shortly – perhaps even imminently. However, when asked about potential listings on major platforms such as Coinbase, I was unable to disclose specific details at this time.
At present, RLUSD can be found on a number of platforms, including Bitso, MoonPay, CoinMina, Bullish, Mercado Bitcoin B2C2, Keyrock, Archax, Independent Reserve, and JST Digital, as stated on the Ripple website.
On December 17, Ripple introduced RLUSD, a stablecoin that maintains a fixed value equivalent to one U.S. dollar. As of now, this stablecoin has amassed a market capitalization of $71.8 million, as reported by CoinGecko.
More than three-quarters of the daily trading volume for Real Life USD (RLUSD) is distributed predominantly between two major cryptocurrency exchanges, with the vast majority being traded on a bullish exchange. This trading occurs across two primary market pairs: RLUSD/USD Coin (USDC) and XRP (XRP)/RLUSD.
Currently, the decentralized exchange Sologenic manages a relatively smaller share of the overall market. Specifically, the XRP/RLUSD pair on this platform recorded a trading volume of $3.4 million within the last 24 hours, which equates to approximately 3.56% of the total market volume.
“Business doubled,” says Ripple president
The interest in RLUSD (Ripple’s native currency) is largely fueled by its role in Ripple’s payment services, a sector that Long pointed out has seen a 100% increase over the past year.
Last year, our payment business experienced a significant 100% increase, indicating a robust growth trend for our payment service. Furthermore, she stated that the Ripple US Dollar is poised to play a vital, leading part in these developments.
Long anticipates strong growth for stablecoins.
She believes that 2021 could be a significant year for cryptocurrencies as a whole, leading to an increase in demand for stablecoins. She emphasized that stablecoins are essential tools for entering (on-ramp) and exiting (off-ramp) the crypto market.
The market value of stablecoins has swelled by a remarkable 55% since the previous year, reaching an impressive $206.17 billion, as reported by DefiLlama. Among all stablecoins, USDt (USDT) continues to dominate with a significant 66% share of the market.
XRP ETF “very soon”
Long indicated that XRP could be next in line for its own exchange-traded fund (ETF):
“I think we will see one very soon […] XRP is likely to be next in line after Bitcoin and ETH.”
Multiple businesses have initiated plans to introduce an Exchange Traded Fund (ETF) based on XRP, with WisdomTree being one of them. They submitted their application for approval to the U.S. Securities and Exchange Commission on December 2, 2024. Companies like Bitwise, Canary Capital, and 21Shares have also filed for similar ETF proposals.
Long believes with the administration change, the approvals of ETF filings will “accelerate.”
Ripple partners with Chainlink
On January 7th, Ripple collaborated with Chainlink to enhance the functionality of RLUSD by incorporating pricing data for RLUSD on both the Ethereum network and the XRP Ledger.
The partnership is geared towards offering unalterable, reliable pricing information, facilitating the functioning of Decentralized Finance (DeFi) platforms, and minimizing potential issues such as price tampering or system failures.
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2025-01-08 15:39