Crypto exchange Binance has listed Ripple’s RLUSD on the XRP Ledger (XRPL) just weeks after it listed the stablecoin through the Ethereum network. Amid this move, the stablecoin has recorded a notable surge in trading volume, even as it continues to see significant growth in its market cap.
Binance Adds Support For Ripple’s RLUSD On XRP Ledger
In a release, the crypto exchange announced that it has completed the integration of RLUSD on the XRPL network, with deposits now open. Ripple’s executive Reece Merrick drew attention to this development, hinting at how it marked a positive step for the stablecoin’s adoption.
Notably, the listing comes just two weeks after Binance first listed the RLUSD stablecoin through the Ethereum network. The exchange had noted at the time that it planned to add XRPL support for the stablecoin soon.
It is worth noting that RLUSD, which currently boasts a market cap of $1.5 billion, is currently issued on only the Ethereum and XRPL networks. However, Ripple plans to expand the stablecoin to Ethereum layer-2 networks, including Base, Optimism, Unichain, and Ink, through its partnership with Wormhole.
Ethereum currently accounts for most of the stablecoin’s supply, with RLUSD’s market cap on the top layer-1 network at almost $1.2 billion, according to Etherscan data. Meanwhile, the stablecoin’s market cap on the XRP Ledger is $250 million.
Amid the Binance listing, the stablecoin has seen a 22% surge in trading volume over the last 24 hours, reaching $200 million, according to CoinMarketCap data. The stablecoin currently ranks as the 45th largest crypto by market cap.
“A Massive Door Opener” For The XRP Ecosystem
XRPL validator Vet described Binance’s support for RLUSD on the network as a massive door opener for the entire XRP ecosystem. He also noted that this move was quick, as the exchange had just listed the stablecoin on the Ethereum network.
The listing comes amid XRP Community Day, with Ripple’s CEO Brad Garlinghouse reaffirming yesterday that XRP and the RLUSD stablecoin are core to everything they do, including their payments and custody services. Garlinghouse went as far as describing XRP as the “North Star,” aligning with his earlier statement at the start of the year.
Meanwhile, RLUSD also received a major boost recently, as the CFTC expanded the eligible payment stablecoin collateral on derivatives markets to include those issued by national trust banks. The stablecoin could soon fall under this category, as Ripple has already received conditional approval for its trust charter.
Source: https://coingape.com/xrp-news-binance-integrates-ripples-rlusd-on-xrpl-after-ethereum-listing/
