Kraken, a leading cryptocurrency exchange in the United States, ranking second by trading volume, has announced the integration of Ripple’s recently launched stablecoin, RLUSD, onto its trading platform.
According to a recent announcement, Kraken has officially enabled trading for Ripple USD (RLUSD), making it accessible to users on their exchange.
RLUSD, a digital asset designed to maintain a 1:1 peg with the US dollar, is issued by Ripple and operates on both the XRP Ledger and Ethereum blockchains.
Since its introduction in December of 2024, this stablecoin has rapidly gained traction, swiftly approaching a market capitalization of $250 million.
Kraken’s decision to list RLUSD coincides with Ripple’s strategic move to incorporate the stablecoin into its established payment solution, known as Ripple Payments.
Kraken Listing Boosts Ripple’s Stablecoin
Ripple stated that RLUSD is now integral to facilitating cross-border transactions within its flagship payments system, which already manages billions of dollars in transaction volume.
Distinguishing itself from many stablecoins primarily intended for retail markets, RLUSD is engineered with built-in utility for global enterprises, aiming to enhance the efficiency and speed of international payments.
Ripple is leveraging its extensive experience in the payments sector, its wide-reaching global payout network, and a compliant and robust stablecoin to deliver cross-border payment solutions that are not only fast and low-cost but also highly scalable.
Currently, Ripple is deploying RLUSD within its payment workflows with select clientele, including cross-border payment providers such as BKK Forex and iSend, to optimize their international treasury management processes.
Ripple intends to broaden the application of RLUSD across its customer base in the payments sector in the future.
Ripple Payments Network Enhanced by Exchange Listing
Jack McDonald, Senior Vice President of Stablecoins at Ripple, commented that the growth trajectory of RLUSD is surpassing initial internal forecasts.
He noted that RLUSD’s market capitalization continues to expand at a rate exceeding their projections.
He further elaborated on the burgeoning use cases for RLUSD, stating that it is rapidly being adopted as collateral in both cryptocurrency and traditional financial trading markets.
McDonald also highlighted the ongoing expansion of RLUSD listings across various exchanges and mentioned active collaborations with non-governmental organizations (NGOs) that recognize the potential of stablecoins like RLUSD to optimize and streamline charitable giving processes.
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