Gemini Adds RLUSD Support on XRPL

Gemini is now supporting the Ripple stablecoin (RLUSD) on the XRP Ledger (XRPL). This has opened a new avenue for quicker and less expensive transfers between the two top networks. It operates using a single balance and eliminates the use of distinct wallets or concerns about settlement layers.

Is Gemini Expanding RLUSD On XRPL? 

According to the exchange, users can now deposit RLUSD on XRPL and withdraw it on XRPL or Ethereum. The update is a significant move for Ripple to enable the use of RLUSD on open networks designed for speed.

This broader adoption trend has gained considerable momentum. Recently, legal analyst Bill Morgan, outlined the recent progress of Ripple as its multi-chain RLUSD expansion strategy continues to gain momentum. XRPL enables transactions to be conducted in seconds and has low fees.

Gemini stated that this combination gives users a superior experience in faster and predictable transfers without having to spend a lot as network fees. The partnership also supports the initiatives of Ripple to expand the use of the stablecoins. This comes at a time when the market is increasingly seeking quicker settlement methods.

Gemini stated that the update was also aimed at simplifying cross-chain activity. Hence, RLUSD transfers can be seamless irrespective of the blockchain preferred by users.

It is convinced that the multiple paths of settlement in one balance would be more convenient to beginners and more experienced traders when using stablecoins. However, it is only available to Gemini customers in regions where the RLUSD integration on XRPL is available.

Ripple Community Supports Gemini’s RLUSD XRPL Integration

The update was endorsed by Jack McDonald, a top Ripple executive. He re-posted the announcement by Gemini on X and added, RLUSD+XRPL. Onwards!” This demonstrates that he is in favor of the integration.

The announcement had community responses. The commentary that came out most noticeably was that of Arthur, a Ripple community member. He said the partnership shows the way in which the design of XRPL can be useful to the RLUSD stablecoin.

How Is XRPL Increasing RLUSD Adoption?

The reach of Ripple’s RLUSD continues to grow as the stablecoin was recently approved to be used in the Abu Dhabi markets. This also adds to the momentum towards the continued adoption of the RLUSD.

Arthur further observed that having alternative means of settlements for traders enhance the efficiency of the financial settlement industry globally. The collaboration points to the increasing involvement of XRPL for stablecoin settlements. In addition, this partnership comes after the previous joint project between Ripple and Gemini for an RLUSD settlement card.

This rapidly increased the use of RLUSD stablecoin for payments in the traditional finance space. The rising interest in RLUSD and the strengths of XRPL could result in increased demand as stablecoin adoption rises.