Top crypto exchange Kraken has expanded its offerings by enabling trading for Ripple’s stablecoin, RLUSD.
This move signals increased support for the stablecoin, which has rapidly gained traction since its launch.
RLUSD, introduced in December 2024, is a dollar-pegged digital asset available on both the XRP Ledger and Ethereum blockchain. Despite being relatively new to the market, it has already amassed a market capitalization nearing $250 million. Kraken’s decision to list RLUSD aligns with its goal of supporting diverse crypto assets.
Ripple has been integrating RLUSD into its cross-border payment infrastructure. Unlike most stablecoins typically used for retail transactions, RLUSD is designed with a global enterprise focus. Ripple aims to leverage this stablecoin to enhance the efficiency of international payments, combining fast processing speeds with compliance measures. The company has already started using RLUSD with some of its clients, including BKK Forex and iSend, to optimize cross-border treasury operations. Future plans include expanding RLUSD’s use among Ripple’s payment partners.
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According to Ripple’s Senior VP of Stablecoins, Jack McDonald, RLUSD has seen faster growth than initially projected. The stablecoin is finding practical applications in both the crypto and traditional finance sectors, particularly as collateral in trading. McDonald also mentioned ongoing efforts to list RLUSD on additional exchanges and highlighted interest from non-profit organizations aiming to improve donation systems through stablecoin technology.
Kraken’s adoption of RLUSD reflects growing confidence in Ripple’s stablecoin strategy, indicating that RLUSD could play a significant role in the evolving crypto payment landscape.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, 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.
Source: https://coindoo.com/70527-2/