Ripple's RLUSD Hits Kraken
Ripple's RLUSD Stablecoin Debuts on Kraken
Ripple has announced the integration of its RLUSD stablecoin onto Kraken, a major cryptocurrency exchange. This expansion follows RLUSD's successful launch in December and positions the stablecoin for further growth.
Key Developments
- RLUSD is now available on Kraken, facilitating cross-border payments.
- RLUSD's market capitalization is nearing $250 million.
- The stablecoin is already supported on several platforms including LMAX Digital, Zero Hash, Bitstamp, and Bullish.
According to Jack McDonald, Ripple's SVP of Stablecoins, RLUSD's market cap has surpassed internal projections. He highlighted its diverse applications, including collateral in both crypto and traditional finance markets, and its use by NGOs to streamline charitable donations. "New exchanges are listing RLUSD on an ongoing basis, and we’re actively working with NGOs who see the opportunity to streamline giving through stablecoins," McDonald stated.
Built on both the XRP Ledger and Ethereum, RLUSD provides a stable and efficient solution for cross-border payments, remittances, and trade settlements. As of April 2nd, its market cap reached $244 million, ranking it among the top stablecoins.
Beyond expanding its presence on exchanges, Ripple integrated RLUSD into its Ripple Payments solution. This integration aims to boost cross-border transaction efficiency for financial institutions. BKK Forex and iSend are already using RLUSD for cross-border transactions, with Ripple planning to onboard more payment providers.
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