Ripple’s RLUSD stablecoin bagged listing on the OKX exchange just before the XRP Las Vegas conference. The launch opens up a new avenue for RLUSD to be accessed on one of the world’s largest exchanges. It, in turn, provides new use cases for both institutional and retail investors.
Ripple’s RLUSD In Spotlight With OKX Listing
The announcement states that RLUSD is now “embedded” into various trading features on OKX. The exchange announced that “RLUSD can be traded against 280+ spot pairs, used for perpetual futures, and accepted as institutional-grade margin collateral in select markets.”
The stablecoin is also natively integrated into its trading system as opposed to being added as an asset. Meanwhile, the XRP Las Vegas hype is gaining traction with such announcements.
For context, Ripple’s RLUSD stablecoin is issued on the XRP Ledger and Ethereum. The stablecoin is fully backed by cash and cash-equivalent assets and aims to keep the redemption ratio at 1:1 with the US dollar. This makes it part of the emerging group of regulated stablecoins which aim to provide institutional-quality services.
Earlier in the day, RLUSD grabbed the limelight as Ripple Prime clients got access to Bitcoin options trading on Bullish.
How Is OKX Executing This Launch?
The RLUSD integration will use OKX’s Unified Order Book, which aggregates liquidity of trading pairs on a single order book. The company explained the need for this integration. It said, “liquidity fragmentation is one of the most persistent friction points in crypto trading,”
It also noted that in a conventional setup, traders have to cross multiple pools and pay multiple fees. However, the integrated approach is designed to optimise execution and pricing.
Further, OKX highlighted how the launch of RLUSD within such a system transforms trading of stablecoin liquidity. “There is no rerouting, no separate interface, and no hidden conversion cost,” the exchange stated. This ensures Ripple’s RLUSD can operate in spot, derivatives and margin markets.
Source: https://coingape.com/ripples-rlusd-stablecoin-gets-listed-on-okx-ahead-xrp-las-vegas/
