Ripple’s stablecoin gained new visibility Wednesday after Kraken, one of the largest crypto exchanges, launched support for Ripple USD (RLUSD) on its platform. Trading for the USD-pegged token began at 16:00 UTC on April 2, following the exchange’s confirmation. Kraken shared the news publicly, stating:
We’re thrilled to announce that RLUSD is now available for trading on Kraken!
Users can begin interacting with the token by visiting the funding tab in their Kraken accounts, selecting RLUSD, and initiating a deposit using supported networks.
RLUSD is Ripple’s response to demand for regulated, transparent, and fully backed digital dollars. Kraken included a detailed description of the asset in its release: “RLUSD is Ripple’s USD-backed stablecoin natively issued on XRP Ledger and Ethereum blockchains. It is fully reserved by a reserve of cash and cash equivalents, redeemable 1:1 for USD. Designed for enterprise-grade use, RLUSD is ideal for financial use cases including payments, global settlement on/off ramping and as trading collateral.”
Although RLUSD is now available for standard trading on Kraken, the exchange clarified that access via its mobile application and Instant Buy feature will remain on hold until liquidity requirements are satisfied. These features will go live once enough trading activity ensures smooth order matching. Kraken also addressed user curiosity about upcoming listings, reinforcing its policy not to reveal any planned additions ahead of time.
In addition to Kraken, users can now transact Ripple USD through Archax, B2C2, Bitso, Bitstamp, Bullish, Coinmena, Flowdesk, Independent Reserve, JST Digital, Keyrock, LMAX Digital, Mercado Bitcoin, Moonpay, Revolut, Uphold, and Zero Hash.
On March 2, Ripple reported continued growth and integration of its stablecoin, which is now fully incorporated into Ripple Payments. RLUSD is being used for enterprise transactions, asset tokenization, and decentralized finance (defi) applications. Ripple stated the stablecoin is approaching a $250 million market cap and has processed more than $10 billion in cumulative trading volume. The growth is driven by listings on global exchanges and increased adoption by financial institutions and non-governmental organizations (NGOs).
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