Bullish, an institutional cryptocurrency exchange backed by PayPal co-founder Peter Thiel, has announced the official listing of the Ripple USD (RLUSD) stablecoin. The listing comes after the stablecoin’s launch on December 17.
According to the product listing page on Bullish, the Ripple stablecoin is now available for trading against six asset pairs: RLUSD/USDC, BTC/RLUSD, ETH/RLUSD, USD/RLUSD, EUR/RLUSD, and SOL/RLUSD. These trading pairs make the stablecoin one of the most extensively paired products introduced on the platform since early 2024.
The addition of the Ripple stablecoin to Bullish’s trading platform is expected to broaden the stablecoin’s accessibility and adoption. As more exchanges onboard RLUSD and broader market conditions stabilize, the Ripple ecosystem may continue to expand its influence in the digital asset space.
RLUSD gains momentum across exchanges
Earlier today, Singapore-based exchange Independent Reserve also announced it had listed the stablecoin, adding to a growing roster of platforms supporting the token. Previously, the stablecoin was introduced on exchanges such as Bitso and Uphold, expanding its availability to a global user base.
Data from CoinGecko places RLUSD’s market capitalization at $72.8 million, ranking it as the 691st largest cryptocurrency by market cap.
Over the past 24 hours, the stablecoin has recorded a trading volume of $2.7 million. Notably, the Ripple Stablecoin Tracker account reported that approximately 4.9 million new RLUSD tokens were minted during the same period. The stablecoin’s current market dynamics suggest it is drawing a steady growth trajectory, since its December 17 launch.
Additionally, data from XPMarket indicates Ripple USD has seen a 0.22% uptick, which saw the stablecoin go back to maintaining its $1 peg after a short-term consolidation phase. The stablecoin’s market capitalization has grown significantly, rising from an initial $1.3 million to $4 million.
At press time, the Ripple stablecoin’s fully diluted market cap now stands at $19.2 million, and it has attracted 6,900 unique holders, with the recent exchange listings likely to amplify its user base.
RLUSD’s potential puts industry on notice
The RLUSD stablecoin has drawn praise from industry leaders, including Charles Hoskinson, for its promising start. The token’s growing presence across major trading platforms and its diverse trading pairs position it as a key player in the stablecoin market.
Ripple Labs, the entity behind the stablecoin, believes it will be a valuable asset in cross-border payments.
“As we’ve been using stablecoins more and more in our flows, that really piqued our interest that we should have our own native stablecoin that can be more cost-effective and operationally efficient to use,” Ripple’s senior vice president of stablecoins, Jack McDonald, told CNBC.
Meanwhile, XRP, Ripple’s flagship token, continues to show robust trading activity. Over the past 24 hours, per Coingecko updates, XRP’s trading volume reached $11.09 billion, signaling significant market participation despite the persistent selling pressure felt in the entire crypto market.
Current market trends indicate that XRP is trading below critical support levels, with immediate resistance at $2.49. Technical indicators present mixed signals, but long-term patterns suggest the possibility of price recovery under favorable market conditions.
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