Ripple’s stablecoin RLUSD is set to make a significant impact in the cryptocurrency market with plans for expansion and imminent listings on major cryptocurrency exchanges. Ripple President Monica Long has expressed optimism about the company’s direction and is actively working to bolster RLUSD’s adoption.
In addition, Long hinted at the potential approval of an XRP spot ETF, a strategic move anticipated to further strengthen Ripple’s market presence. Since its launch, RLUSD has demonstrated an upward trend in demand, reflecting the escalating role of stablecoins within the global crypto markets.
RLUSD was launched in mid-December 2024 and is pegged 1:1 to the US dollar. Despite its recent debut, RLUSD has been quite active, particularly on the Bullish crypto exchange. Over 76% of RLUSD’s trading volume is on Bullish, with the two primary trading pairs being RLUSD/USD Coin (USDC) and XRP/RLUSD. The decentralized exchange Sologenic also hosts a smaller portion of the trading volume.
The success and increasing interest in RLUSD can be largely attributed to Ripple’s burgeoning payments business. In fact, Long revealed that Ripple’s payment solution business doubled in size last year, showcasing evident growth. As a result, RLUSD is anticipated to become a crucial part of Ripple’s payment infrastructure. Given the growing use of stablecoins for on-ramping and off-ramping and the expansion of the broader crypto market, RLUSD is likely to see substantial adoption this year.
In addition to RLUSD’s expansion, Long also reflected on the possibility of an XRP exchange-traded fund (ETF). She proposed that XRP could follow Bitcoin and Ethereum in attaining ETF approval, a move that could greatly enhance its exposure and adoption. Notably, several firms, including WisdomTree and Bitwise, have already petitioned the U.S. Securities and Exchange Commission (SEC) for the approval of XRP ETFs. According to Long, the changing political climate in the U.S. could speed up ETF approvals.
To further enhance RLUSD’s utility, Ripple has teamed up with Chainlink to provide accurate price feeds for RLUSD on both Ethereum and the XRP Ledger. This collaboration will ensure tamper-proof and reliable pricing data, a critical component for decentralized finance (DeFi) applications. It will also help mitigate risks such as price manipulation and downtime, thereby making RLUSD even more stable and reliable.
Overall, Ripple’s strategic moves and partnerships reflect a dynamic and exciting phase for the company as it seeks to consolidate its position in the crypto market. Given the increasing demand for stablecoins and the potential for further adoption, Ripple’s RLUSD is certainly one to watch.
