Binance has finalized the integration of Ripple’s RLUSD stablecoin on the XRP Ledger network, the stablecoin issuer’s Managing Director for the MENA region confirmed on Thursday.
The largest exchange by trading volume has officially opened deposits on XRPL and is preparing withdrawals once liquidity conditions are met. In its public statement, Binance confirmed that the integration enables users to transfer RLUSD directly through the Ripple-made blockchain network.
Binance also introduced new trading support for the token, including RLUSD paired with USDT, XRP, and other listed XRPL assets. The trading platform launched a zero-fee promotion on selected RLUSD pairs to encourage liquidity and trading activity.
Binance adds more RLUSD pairs with XRPL integration
XRPL on Binance could bring more use cases for RLUSD on the exchange’s ecosystem, which currently includes loans and conversions. RLUSD is now available for trading and yield programs on Binance across two blockchain networks: Ethereum and XRPL. This increases the number of trading pairs and fee incentives for both XRP and the stablecoin, and could also boost the exchange’s liquidity.
Moreover, the XRP Ledger processes and settles transactions on the network in seconds and costs fractions of a cent as compared to Ethereum.
Ripple’s blockchain ledger is also available in US-based centralized exchanges, Coinbase, Kraken, and Robinhood, although the latter bars US residents from trading XRP due to regulatory constraints.
The company is still planning to simultaneously extend RLUSD beyond the XRP Ledger through deployments on Ethereum layer-2 networks, Optimism, Coinbase’s Base, Kraken’s Ink, and Uniswap’s Unichain.
The expansion is supported by Wormhole’s Native Token Transfers standard, which enables RLUSD to move directly between blockchains, bypassing its wrapped or synthetic versions.
“Stablecoins are the gateway to DeFi and institutional adoption. By launching RLUSD, the first US Trust Regulated stablecoin on these L2 networks, we are setting the definitive standard where compliance and on-chain efficiency converge,” said Jack McDonald, senior vice president of stablecoin at Ripple.
According to data from market aggregator Coingecko, RLUSD’s market capitalization has climbed to $1.52 billion in 13 months, a 2,730% uptick. The token is backed by US dollar deposits, Treasury bills and operates under a trust charter regulated by the New York Department of Financial Services.
Ripple CEO talks growth ambitions for XRP
Ripple executives have been forming partnerships with several entities worldwide to aid in the stablecoin’s expansion, but as Cryptopolitan reported earlier this week, XRP is still the company’s most valued asset.
Speaking to XRP community members during an online event, Chief Executive Brad Garlinghouse recently said the firm could eventually reach a trillion-dollar valuation with XRP as “the north star.”
“There will be a trillion-dollar crypto company, I don’t doubt that for a second,” Garlinghouse said. “I think Ripple has the opportunity, if we do things well in partnership with the overall XRP ecosystem, to be that company.”
The executive noted that several technology firms, including Nvidia, Apple, and Alphabet, have achieved similar valuations. “And maybe there will be more than one,” he added.
Ripple’s valuation reached approximately $40 billion following a $500 million funding round in November, which included Citadel Securities and Fortress Investment Group. Reaching a trillion-dollar valuation would require about 25 investment rounds, as such, or a price surge in XRP.
“We’ve got a long way to go, and I certainly don’t want to gloss over that,” Garlinghouse continued, “But these are massive markets, and the opportunity to rewire, accelerate, and make the financial infrastructure more efficient is truly profound.”
Ripple expanded its size through several acquisitions last year, spending billions to strengthen its product offerings. The company acquired prime brokerage Hidden Road for $1.25 billion and treasury management firm GTreasury for $1 billion. It also invested $200 million in stablecoin company Rail and purchased wallet-as-a-service provider Palisade for an undisclosed sum.
Source: https://www.cryptopolitan.com/binance-integration-ripple-rlusd-ledger/
