With the stablecoin sector quickly heating up and U.S. lawmakers pursuing regulatory clarity, San Francisco-based blockchain firm Ripple is eyeing further adoption of its U.S. dollar-pegged stablecoin, RLUSD.
Ripple announced on April 2 that, besides integrating its stablecoin into the company’s cross-border payments system, it has also launched RLUSD on Kraken, a well-established American digital asset exchange.
RLUSD Now Live On Kraken
Kraken now joins a growing list of other platforms already supporting Ripple’s RLUSD stablecoin, including LMAX Digital, Zero Hash, Bitstamp, and Bullish. Ripple has revealed plans to work with international entities to boost the short-term U.S. government bond-backed cryptocurrency’s reach and accessibility.
“Ripple has enabled RLUSD cross-border payments in its flagship payments solution,” the firm posited in the press release. “RLUSD is being used in the payment flow with select customers, including cross-border payment providers BKK Forex and iSend to improve their cross-border treasury operations.”
The merge will give the Ripple USD stablecoin direct exposure to billions of dollars in liquidity.
Ripple USD Milestone And Growing Adoption
Since its debut in December 2024 on Ripple’s XRP Ledger and Ethereum blockchains, RLUSD’s market capitalization is nearing $250 million.
“We’re seeing the market cap continue to grow,” Jack McDonald, Ripple’s senior vice president of stablecoins, said, adding that RLUSD’s growth is “outpacing our internal projections” with adoption spanning several financial sectors. Ripple is also partnering with non-governmental organizations (NGOs) considering stablecoins for more streamlined aid distribution, McDonald added.
The stablecoin market has become a key topic of discussion lately as lawmakers in the United States prepare to vote on stablecoin legislation. Moreover, Trump family-backed crypto initiative, the World Liberty Financial, is also rolling out its own U.S. dollar-pegged token on Ethereum and the BNB Chain.
While Tether’s USDT remains the clear leader in terms of adoption and utility, as stablecoin usage surges and regulatory clarity improves, Wall Street behemoths like Bank of America may be encouraged to also introduce their own tokens.