Ripple president Monica Long expects its Ripple USD (RLUSD) stablecoin to be listed on major crypto exchanges “imminently.”
In a Jan. 7 interview with Bloomberg, Long confirmed that Ripple is actively pursuing additional exchange listings for RLUSD.
“We are continuing to expand distribution and availability of Ripple dollars on other exchanges. So I think you can expect to see more availability, more announcements coming soon… imminently,” Long said. She declined to provide specifics when asked about RLUSD listings on major platforms like Coinbase.
RLUSD is available on Bitso, MoonPay, CoinMina, Bullish, Mercado Bitcoin, B2C2, Keyrock, Archax, Independent Reserve and JST Digital, according to the Ripple website.
Ripple launched RLUSD on Dec. 17 as a stablecoin pegged 1:1 to the United States dollar. At the time of publication, the stablecoin boasted a market cap of $71.8 million, according to CoinGecko.
More than 76% of RLUSD trading volume is concentrated on Bullish crypto exchange, split across two primary trading pairs, RLUSD/USD Coin (USDC) and XRP (XRP)/RLUSD.
Meanwhile, decentralized exchange Sologenic handles a smaller portion of the market. The XRP/RLUSD pair on Sologenic recorded $3.4 million in 24-hour trading volume, representing 3.56% of the total.
“Business doubled,” says Ripple president
Demand for RLUSD is primarily driven by Ripple’s payments business, which Long noted has doubled in the past year.
“Our business doubled within payments last year, and so we see a really strong growth trajectory for our payment solution. And with that, Ripple US dollar will have a premium role,” she said.
Long anticipates strong growth for stablecoins.
“We think that this year is going to be a big year for crypto overall, and so demand for stablecoins will grow along with that. It’s really the way to on-ramp and off-ramp,” she said.
The stablecoin market has grown 55% since last year to $206.2 billion, according to data from DefiLlama. USDt (USDT) remains the largest stablecoin, holding 66% of the market share.
XRP ETF “very soon”
Long indicated that XRP could be next in line for its own exchange-traded fund (ETF):
“I think we will see one very soon […] XRP is likely to be next in line after Bitcoin and ETH.”
Several companies have already taken steps to launch an XRP ETF, including WisdomTree, which filed for approval with the US Securities and Exchange Commission on Dec. 2, 2024. Bitwise, Canary Capital and 21Shares have all filed for similar products.
Long said with the US administration change, the approvals of ETF filings will “accelerate.”
Ripple partners with Chainlink
To bolster RLUSD’s utility, Ripple partnered with Chainlink on Jan. 7 to integrate price feeds for RLUSD on Ethereum and the XRP Ledger.
The collaboration aims to provide tamper-proof, accurate pricing data, support DeFi applications and reduce risks like price manipulation or downtime.