XRP News: Ripple’s RLUSD Eyes Wider Adoption as Stablecoin Expands to Coinbase’s L2 Base

Ripple’s RLUSD stablecoin could see wider adoption, as the crypto firm just announced plans to expand it to four Ethereum layer-2 networks, including Coinbase’s Base. This news comes just days after the firm gained a conditional approval to become a U.S. trust bank, which gives RLUSD a dual layer of regulation.

Ripple’s RLUSD To Expand To Coinbase’s Layer-2 Base

In a press release, the crypto firm announced that it is taking an important step toward a multichain future with the launch of its stablecoin on layer-2 networks ahead of the official debut next year, pending regulatory approval. Ripple has partnered with Wormhole to begin testing on Base, Optimism, Kraken’s Ink, and Uniswap’s Unichain.

This development follows the OCC’s grant of a conditional approval to Ripple, a move which the company’s CEO Brad Garlinghouse described as a major step forward for RLUSD. Now, the firm is looking to widen the stablecoin’s adoption with this “true Multichain Strategy.”

Furthermore, it is worth mentioning that the stablecoin is currently only available on the Ethereum network and XRP Ledger (XRPL). RLUSD currently has a market cap of just over $1 billion and ranks among the fastest-growing stablecoins based on its year-to-date (YTD) growth.

Meanwhile, Ripple stated that the move to expand RLUSD to L2s is essential for “a scalable, efficient, and interoperable future.” The firm explained that by using Wormhole’s Native Token Transfers (NTT) standard, they can issue and control the stablecoin directly. This approach also ensures secure and flexible movement of liquidity on-chain across new ecosystems.

Ripple also highlighted RLUSD’s regulatory edge, which it believes could give it an advantage as more institutions move on-chain. In addition to the U.S., the company has obtained several licenses to promote the stablecoin’s use, including recent approval from Abu Dhabi’s FRSA for use in regional markets.

Bid To Enhance XRP And RLUSD’s Utility

Ripple stated that it prioritizes issuing RLUSD wherever there is demand for XRP, aiming to strengthen the utility of both assets. It alluded to the HEX Trust’s issuance of wrapped XRP (wXRP) on Solana, a step it noted will make it significantly easier for XRP holders to use the altcoin alongside RLUSD as the primary liquidity pair on supported chains.

The crypto further remarked that the issuance of wrapped XRP on Solana creates new opportunities across the ecosystem. This would enable businesses to support XRP and RLUSD for services such as payments, swaps, checkout options, and just crypto trading. Hex Trust had mentioned that it plans to issue wXRP on Optimism, Ethereum, HyperEVM, and other chains.

Ripple is planning to launch its stablecoin, RLUSD, on more blockchains next year. This will enhance the use of XRP on those chains. However, the launch of these stablecoins will need approval from regulators.