Ripple debuts RLUSD on Kraken as the stablecoin's market cap approaches $250M

Key Takeaways

• Ripple's RLUSD stablecoin is now integrated into Kraken and supports cross-border payment solutions.
• The token is progressing towards a market valuation of $250 million.

Ripple has announced the launch of its flagship stablecoin, RLUSD, on Kraken, a well-established crypto exchange. The expansion comes as the token is close to achieving a $250 million milestone following its launch last December.

Kraken now joins a list of other platforms already supporting RLUSD, including LMAX Digital, Zero Hash, Bitstamp, and Bullish. Ripple states it plans to partner with global entities to enhance the stablecoin’s reach and accessibility.

According to Jack McDonald, SVP of Stablecoins at Ripple, RLUSD’s market cap has exceeded the firm’s internal forecasts. McDonald said that the token is being used in various ways, including as collateral in both the crypto and traditional finance trading markets.

“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 said.

Operating on the XRP Ledger and Ethereum, RLUSD offers a stable and efficient means for cross-border payments, remittances, and trading settlements. Currently, RLUSD’s market cap stands at $244 million, making it the 22nd largest stablecoin as of April 2.

Beyond exchange expansion, Ripple also announced the integration of RLUSD into its flagship solution, Ripple Payments. With this move, the company wants to enhance cross-border payment efficiency and expand the stablecoin’s utility within financial institutions.

Ripple has already onboarded BKK Forex and iSend to utilize RLUSD in their cross-border transactions, with plans to expand adoption among more payment providers in the future.