XRP News: RLUSD Stablecoin Bags New Listing on Major DeFi Platform

In the latest XRP news, there are signs that the Ripple USD (RLUSD) stablecoin continues to gain ground. Per a new update, the stablecoin has secured a new listing on the top DeFi lending platform, Euler Finance. The move comes amid strong growth in trading volumes and broader institutional interest in the Ripple ecosystem.

Growing RLUSD Stablecoin Listing

Ripple’s institutional-grade stablecoin, RLUSD, is now live on Euler Finance. This listing allows users to borrow, lend, and use RLUSD as collateral directly on the platform. Euler has also introduced incentive programs for lenders, which could encourage more adoption from the DeFi community.

The stablecoin, which is pegged to the U.S. dollar, has already drawn attention due to its focus on regulated, institutional use cases. As part of its recent milestone, RLUSD has been integrated into Ripple Payments and Hidden Road’s $1.25 billion institutional services. Major platforms like Revolut and Zero Hash have also listed it, as reported earlier by CoinGape.

In addition, Gemini was recently the fifteenth exchange to list RLUSD and offers trading, deposit, and withdrawal services. 

Following the Gemini listing, RLUSD recorded a 63.7% increase in 24-hour trading volume, pushing the total volume to over $52 million at the time. This indicates a strong adoption trend from traders and institutions alike.

What’s next for RLUSD Amid Rising Competition

As reported by Coingape, the $300 million Ripple stablecoin market was rattled recently as JPMorgan and several U.S. banks announced plans to venture into the stable token niche. This development could challenge RLUSD’s position in the market, especially among institutional users. The other stablecoin like USDT and USDC are way ahead in terms of adoption by multiple blockchain network. The market cap of USDT is $111 Billion and USDC is $33 billion at the time of writing.

RLUSD has a long way to go against the giants but its existing edge in enterprise payment rails opens doors for faster adoption. It recently, surpassed $300 million marketcap and was ranked 12th globally among stablecoins.

Ripple continues to push forward. The firm has chosen a unique way to unveil the utility of RLUSD stablecoin with a $25 million donation to U.S. schools. The fund was channelled through DonorsChoose and Teach For America.