XRP News: Ripple USD Listings, Saudi Royals Back XRP As Treasury Asset

In latest XRP news, Ripple witnessed a wave of developments with respect to XRP, RLUSD stablecoin, and broader institutional adoption amid ETF buzz. Notably, RLUSD has scored a major listing on crypto exchange Bitget on Thursday.

Moreover, Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud spearheaded a fundraising effort for Nasdaq-listed VivoPower to launch an XRP-focused digital asset treasury strategy.

XRP News: Bitget Lists Ripple’s RLUSD Stablecoin

Bitget listed Ripple USD (RLUSD) stablecoin on the crypto exchange, per an official announcement, in a recent XRP news update.

RLUSD was listed in the Innovation Zone and Web3 Zone. The exchange also took to the X platform to share the news with the wider audience.

Users can now trade RLUSD in USDT and USDT spot trading pairs. The trading started at 10:00 AM UTC on May 29, with withdrawals expected to open at 10:00 AM on May 30.

Recently, BitMEX also launched deposit, buy, and trade facilities for RLUSD. The crypto exchange enabled users to use RLUSD as margin to trade any derivatives contract on BitMEX through Multi Asset Margining. It became the first exchange to offer Ripple stablecoin as a margin currency.

RLUSD issued by Ripple Labs’ subsidiary Standard Custody & Trust Company is a USD-denominated stablecoin with trust, liquidity, and compliance at its core.

RLUSD Stablecoin Records Major Adoption

Another major XRP news update was Ripple stablecoin going live on the lending and borrowing super app, Euler Finance, on Wednesday. It saw its total supply reach over $25 million within a day, indicating massive demand from the crypto community.

However, its market cap is still behind stablecoins such as PayPal USD (PYUSD), TruUSD (TUSD), and other new stablecoins.

XRP as the bridge currency is expected to play a vital role in the adoption. XRP seamlessly bridges the payment, converting the chosen asset into exactly the requested amount, claimed XamanWallet COO Robert Kiuru.

RLUSD market stands at $309 million, with the trading volume rising 61% to $106.85 million at the time of writing. Moreover, the wallet addresses holding Ripple USD were 2.78k.

These developments came amid soaring buzz over a potential XRP ETF launch in the US, and SEC reviewing WisdomTree’s application.

Saudi Royals Support XRP as Strategic Reserve Asset

According to a US SEC filing on May 28, Nasdaq-listed VivoPower International PLC raised approximately $121 million in a recent private offering.

The fundraising was spearheaded by His Royal Highness, Prince Abdulaziz bin Turki Abdulaziz Al Saud, to accumulate XRP and establish XRP-focused treasury operations.

VivoPower is looking to launch an XRP-focused digital asset treasury strategy and contribute to building on the XRPL ecosystem for real-world decentralized finance blockchain solutions.

“We are incredibly privileged to have His Royal Highness, Prince Abdulaziz bin Turki Abdulaziz Al Saud of Saudi Arabia, leading this transformational capital raising,” said VivoPower chairman Kevin Chin, adding,

“As long-term holder of XRP myself, we all share a common vision and objectives with regards to how a publicly listed XRP-focused treasury company can be scaled for the benefit of the XRP community”

The company proposed to use the majority of the funds raised to buy XRP. Also, it plans to establish its XRP-focused treasury operations, and contribute and invest in the XRPL DeFi ecosystem.

Meanwhile, XRP price continued to trade in the $2.30-$2.35 range. The price was down 0.12% at $2.27 at the time of writing.