Binance integrates RLUSD on XRPL, expands beyond Ethereum; stablecoin hits $1.5B market cap with $200M daily volume.
Binance Expands RLUSD Support With XRPL Integration as the crypto exchange completes technical integration of Ripple’s RLUSD stablecoin on the XRP Ledger.
The update allows users to deposit the stablecoin through XRPL, weeks after Binance enabled support through the Ethereum network.
Binance Enables RLUSD Deposits on XRPL
Binance announced that it has completed the integration of RLUSD on the XRP Ledger network.
The exchange confirmed that deposits are now open for users who wish to transfer the stablecoin through XRPL. The listing expands access beyond the Ethereum network.
The exchange had initially listed RLUSD through Ethereum and stated at the time that XRPL support would follow.
The recent update fulfills that plan and broadens network options for users. RLUSD is currently issued on Ethereum and the XRP Ledger.
Ripple executive Reece Merrick referred to the integration as a positive step for adoption.
The listing comes as RLUSD continues to expand its presence across major crypto platforms. Binance remains one of the largest exchanges by trading volume.
RLUSD Market Cap and Network Distribution
RLUSD currently has a market cap of about $1.5 billion. Data from Etherscan shows that nearly $1.2 billion of that supply is issued on Ethereum. The remaining $250 million is issued on the XRP Ledger.
The stablecoin ranks among the top 50 cryptocurrencies by market cap.
According to CoinMarketCap data, RLUSD recorded a 22 % increase in trading volume over the past 24 hours. Daily volume reached approximately $200 million.
Ripple has also announced plans to expand RLUSD to Ethereum layer two networks. These include Base, Optimism, Unichain, and Ink.
The expansion is expected to take place through Ripple’s partnership with Wormhole.
Related Reading: Ripple Pushes Beyond XRP With New Ethereum and Solana Custody Services
XRP Ecosystem and Regulatory Developments
An XRPL validator known as Vet described Binance’s integration as “a massive door opener” for the XRP ecosystem.
The validator noted that the rollout followed shortly after the Ethereum listing. The comment was shared during XRP Community Day.
Ripple Chief Executive Officer Brad Garlinghouse recently reiterated that XRP and RLUSD remain central to the company’s strategy.
He said that XRP serves as the “North Star” for Ripple’s payments and custody services. The remarks were made during a public appearance.
RLUSD may also benefit from regulatory developments in the United States.
The Commodity Futures Trading Commission expanded eligible payment stablecoin collateral on derivatives markets. The update includes stablecoins issued by national trust banks.
Ripple has received conditional approval for a national trust charter. If finalized, RLUSD could fall within the eligible category under the CFTC framework.
Binance Expands RLUSD Support With XRPL Integration as the stablecoin continues to grow across networks and trading venues.
Source: https://www.livebitcoinnews.com/binance-expands-rlusd-support-with-xrpl-integration/
