Ripple is aiming for broader adoption of RLUSD by targeting major exchanges like Coinbase, Binance, and Bybit, despite facing technical and regulatory challenges.
Ripple’s RLUSD stablecoin has made another leap forward by securing a listing on the crypto trading platform Margex. The high-leverage exchange confirmed on January 29 that RLUSD will now be available as collateral for trading various crypto pairs. This marks a significant step for Ripple’s ambitions in the stablecoin sector.
Margex’s decision to add RLUSD is part of a broader move to provide users with a secure and efficient trading experience. Alongside RLUSD, other stablecoins like USDT USDT $1.00 24h volatility: 0.0% Market cap: $144.24 B Vol. 24h: $29.68 B are also available, ensuring traders have multiple options for fast and cost-effective transactions. The listing is expected to strengthen Ripple’s position in the stablecoin market by facilitating seamless cross-border payments.
At present, RLUSD is pegged to the US dollar at a 1:1 ratio and backed by collateral that includes cash reserves, government bonds, and dollar deposits. This mechanism provides stability and ensures that RLUSD remains a trusted option for trading and payments in the digital asset ecosystem.
Coinbase, Binance & Bybit Listing on the Horizon?
With RLUSD already listed on platforms like Bitstamp, Uphold, Bullish, Independent Reserve, MoonPay, Bitso, and CoinMena, Ripple is setting its sights on securing spots on even bigger exchanges. CEO Brad Garlinghouse and President Monica Long anticipate a surge in demand for RLUSD in 2025 and believe major platforms such as Coinbase, Binance, and Bybit could be the next to list the stablecoin.
Jack McDonald, Ripple’s senior vice president overseeing stablecoin operations, echoed similar optimism. He suggested that RLUSD’s inclusion in leading exchanges could significantly increase its market presence. However, McDonald acknowledged that technical hurdles, such as compatibility and regulatory considerations, remain challenges that need to be addressed before RLUSD can reach broader adoption.
Ripple SVP of Stablecoins, Jack McDonald, says other major exchanges may list RLUSD by end of year, such as Binance and Coinbase. Jack also says winning approval from the NYDFS could prove to be a major advantage. “That paves the way for other, particularly NYDFS regulated… pic.twitter.com/zZHaEa7JP7
— XRPDAILY (@XRPXLMVERSE) January 10, 2025
Despite these hurdles, Coinbase has indicated that it does not have an exclusive partnership with USDC USDC $1.00 24h volatility: 0.0% Market cap: $59.93 B Vol. 24h: $6.97 B . The exchange currently supports multiple stablecoins, including PAX, GUSD GUSD $1.00 24h volatility: 0.2% Market cap: $48.77 M Vol. 24h: $1.76 M , PYUSD PYUSD $1.00 24h volatility: 0.0% Market cap: $807.64 M Vol. 24h: $83.10 M , and USDT. This flexibility opens the door for RLUSD to be considered for listing in the near future.
Bullish Dominates RLUSD Trading
Among the platforms supporting RLUSD, Bullish, a cryptocurrency exchange backed by billionaire Peter Thiel, stands out. The exchange added RLUSD on December 24, 2024, and has since accounted for most of RLUSD’s total trading volume.
📣 We’re pleased to announce that @Ripple’s regulated stablecoin #RLUSD is now available on #Bullish.
— Bullish (@Bullish) December 24, 2024
Starting today, eligible regions can trade the following markets:
◾ $RLUSD/USDC
◾ $BTC/RLUSD
◾ $XRP/RLUSD
◾ $ETH/RLUSD
◾ $USD/RLUSD
◾ $EUR/RLUSD
◾ $SOL/RLUSD
Currently, Bullish offers RLUSD trading in seven different pairs, including RLUSD/USDC, BTC/RLUSD, XRP/RLUSD, ETH/RLUSD, USD/RLUSD, EUR/RLUSD, and SOL/RLUSD. The high level of activity on Bullish demonstrates strong demand for RLUSD and reinforces its potential as a key player in the stablecoin market.
As demand for RLUSD grows, its potential for integration into more exchanges becomes clearer. Market analysts predict that increased adoption will drive higher liquidity and make RLUSD a more attractive option for traders and institutions.
next