Ripple’s RLUSD stablecoin is now available on Kraken, marking another major milestone for the digital asset.
Trading began at 16:00 UTC on Wednesday, and the token has already recorded over $10 billion in cumulative trading volume. This rapid adoption highlights strong market interest and increasing demand for RLUSD.
Kraken lists RLUSD alongside other major exchanges
Kraken confirmed the listing in an official statement, expressing enthusiasm for adding RLUSD to its platform. The exchange detailed that RLUSD is fully backed by cash and cash equivalents, making it redeemable 1:1 for US dollars. The stablecoin is designed for various financial applications, including payments, global settlements, on/off ramping, and trading collateral.
Kraken users can deposit RLUSD by accessing the funding tab on their accounts and selecting a supported network. However, the token is not yet available through Kraken’s mobile application, and the instant Buy feature remains inactive until liquidity requirements are met.
The listing on Kraken expands RLUSD’s availability, joining other platforms such as Archax, Bitso, Bitstamp, B2C2, Bullish, Coinmena, Flowdesk, Independent Reserve, JST Digital, Keyrock, LMAX Digital, Mercado Bitcoin, Moonpay, Revolut, Uphold, and Zero Hash.
Ripple integrates RLUSD into ripple payments
Beyond the exchange listing, Ripple has integrated RLUSD into its enterprise-focused payments solution, Ripple Payments. This platform supports over 90 payout markets and connects banks, financial institutions, and payment service providers.
Jack McDonald, Senior Vice President of stablecoins at Ripple and CEO of Standard Custody & Trust Co., emphasized that adding RLUSD enhances cross-border transactions by making them faster and more cost-efficient. The company aims to expand the stablecoin’s utility across institutional and business transactions.
BKK Forex and iSend currently use RLUSD for their cross-border payment processes. Ripple aims to gain additional corporate clients as the stablecoin demonstrates its complete suitability for financial operations at enterprise scale. Ripple joined forces with Chainlink to create RLUSD data feeds, which enable the token to reach retail consumers.
Market growth and increased adoption drive RLUSD expansion
The market capitalization of RLUSD reached $250 million after it established itself in only three months since its inception at $200 million. The monthly transaction volume at RLUSD grew by 55% during the previous month, reaching $720 million after starting from $466 million. The stablecoin’s market adoption speeds up because it operates on multiple exchanges with exponential growth in financial institutional and non-governmental organizational use. The trading volume of the stablecoin continues to rise because institutions are increasing their demand while market confidence grows stronger.