Ripple’s long-awaited U.S. dollar-pegged stablecoin, RLUSD, is finally here — leaving many wondering which major exchanges will list it next. Though Ripple’s senior vice president of stablecoins, Jack McDonald, played his cards close to his chest during an interview with The Block, he discussed plans for more exchange listings, including Coinbase. Meanwhile, Bitstamp announced this week that it will support RLUSD.

"There is a technical aspect to a given exchange saying that they want to support a given token … there's a lot that goes on in that that's not just a handshake that says 'Sure will support it and bring it here,'" McDonald said.

McDonald went on to detail some of the steps required to get exchanges to list Ripple’s stablecoin, starting with the technical part of the process. “It's different than the New York Stock Exchange where basically the plumbing is all the same,” he said. "Because of its very nature for crypto, there are different chains that these tokens are issued on, and so you need to be able to support the underlying blockchain and the asset that is issued on that given blockchain."

Last month, Ripple launched RLUSD on Ethereum and XRP Ledger after securing final approval from the New York State Department of Financial Services (NYDFS). The company’s CTO, David Schwartz, has previously said that Ripple plans to extend to other networks eventually.

While McDonald stopped short of estimating how many more exchanges he thinks will add support for RLUSD in 2025, the executive was confident various others will join the ranks by the end of the year. McDonald also mentioned that some exchanges, like Coinbase and Binance, have traditionally operated with some level of exclusivity.

"Certain exchanges have very strategic relationships with one stablecoin where, you know, they want a partner and they've got an economic relationship," he said. "There's a very well understood relationship between Coinbase and Circle USDC, or you could look at Binance with FDUSD to where they're kind of more strategic exclusive. And so we're having all sorts of conversations."

When asked again about Coinbase, McDonald said the U.S. exchange has primarily only supported USDC, but that might change.

"They have an economic interest in Circle as a company … and so they have their own relationship," McDonald said while adding that Coinbase could be "open to slowly expanding" the menu of stablecoins it offers.

McDonald also brought up volume considerations.

"[Exchanges] also want to make sure that the volume is worth their while because there is a tech lift and then an ongoing support of doing it right," he said. "And they want to make sure that there is demand for it."

However, Ripple’s stablecoin winning approval from the NYDFS could prove to be a major advantage. "That paves the way for other, particularly NYDFS regulated entities, to support it," McDonald said, noting RLUSD is the first XRP Ledger-based token to be listed on "the approved asset list at NYDFS."

Looking ahead at the rest of the year, McDonald made predictions for the stablecoin market. He said he believes larger, institutional issuers will continue to gain an advantage in the face of compliance requirements.

"Only stablecoin issuers with institutional backing and robust compliance frameworks will endure the ‘war of attrition.’ Smaller entrants face insurmountable challenges due to high costs of regulatory compliance," he said.

Liquidity should also play a role in dominant stablecoins increasing their market share, he added.

"Exchanges and liquidity providers are becoming increasingly selective, prioritizing trusted, liquid stablecoins." McDonald said. "This trend is marginalizing smaller issuers and amplifying the dominance of market leaders like USDT and USDC."

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