XRP News: Binance Integrates Ripple’s RLUSD on XRPL After Ethereum Listing

Boluwatife Adeyemi
5 hours ago
Boluwatife Adeyemi is a well-experienced crypto news writer and editor with a focus on macro topics, crypto policy and regulation and the intersection between DeFi and TradFi. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand. Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing. Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.
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an image of the XRP, RLUSD, and Ripple's logos

Highlights

  • Binance announced that it has completed the integration of RLUSD on the XRP Ledger.
  • The exchange had initially only listed the stablecoin through the Ethereum network.
  • The stablecoin has seen a 22% surge in its trading volume in the last 24 hours.

Crypto exchange Binance has listed Ripple’s RLUSD on the XRP Ledger (XRPL) just weeks after it listed the stablecoin through the Ethereum network. Amid this move, the stablecoin has recorded a notable surge in trading volume, even as it continues to see significant growth in its market cap.

Binance Adds Support For Ripple’s RLUSD On XRP Ledger

In a release, the crypto exchange announced that it has completed the integration of RLUSD on the XRPL network, with deposits now open. Ripple’s executive Reece Merrick drew attention to this development, hinting at how it marked a positive step for the stablecoin’s adoption.

Notably, the listing comes just two weeks after Binance first listed the RLUSD stablecoin through the Ethereum network. The exchange had noted at the time that it planned to add XRPL support for the stablecoin soon.

It is worth noting that RLUSD, which currently boasts a market cap of $1.5 billion, is currently issued on only the Ethereum and XRPL networks. However, Ripple plans to expand the stablecoin to Ethereum layer-2 networks, including Base, Optimism, Unichain, and Ink, through its partnership with Wormhole.

Ethereum currently accounts for most of the stablecoin’s supply, with RLUSD’s market cap on the top layer-1 network at almost $1.2 billion, according to Etherscan data. Meanwhile, the stablecoin’s market cap on the XRP Ledger is $250 million.

Amid the Binance listing, the stablecoin has seen a 22% surge in trading volume over the last 24 hours, reaching $200 million, according to CoinMarketCap data. The stablecoin currently ranks as the 45th largest crypto by market cap.

“A Massive Door Opener” For The XRP Ecosystem

XRPL validator Vet described Binance’s support for RLUSD on the network as a massive door opener for the entire XRP ecosystem. He also noted that this move was quick, as the exchange had just listed the stablecoin on the Ethereum network.

The listing comes amid XRP Community Day, with Ripple’s CEO Brad Garlinghouse reaffirming yesterday that XRP and the RLUSD stablecoin are core to everything they do, including their payments and custody services. Garlinghouse went as far as describing XRP as the “North Star,” aligning with his earlier statement at the start of the year.

Meanwhile, RLUSD also received a major boost recently, as the CFTC expanded the eligible payment stablecoin collateral on derivatives markets to include those issued by national trust banks. The stablecoin could soon fall under this category, as Ripple has already received conditional approval for its trust charter.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

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About Author
About Author
Boluwatife Adeyemi is a well-experienced crypto news writer and editor with a focus on macro topics, crypto policy and regulation and the intersection between DeFi and TradFi. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand. Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing. Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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