Bitstamp has launched support for Ripple’s RLUSD, a USD-denominated stablecoin, to expand the choices for investors and businesses. This addition enables users to trade RLUSD on the platform together with other primary pairs, including USD, EUR, BTC, ETH, XRP, and USDT.
The exchange added support for RLUSD on the Ethereum network, giving users a stable digital currency fully backed by the asset. RLUSD is intended to cater to both retail and institutional investors and offer a safe and efficient method of undertaking transactions in digital assets.
RLUSD is denominated in US dollars and cash equivalents and is stable in liquidity. Additionally, Its compliance with certain legal procedures like the New York Trust Charter issuance is ideal for many financial users.
RLUSD’s enterprise-grade features
Ripple designed RLUSD for enterprise-grade applications. The stablecoin is intended for payments, tokenization, and DeFi, giving companies a reliable, blockchain-based means of conducting their operations.
Leveraging Ripple’s experience in blockchain, RLUSD can be considered a reliable option for companies that want to use digital assets in traditional financial markets. Since the stablecoin is already integrated with the Ethereum network, it can be used in DeFi projects such as liquidity pools and decentralized exchanges.
RLUSD availability has also been growing rapidly with Ripple’s efforts. As Cryptopolitan reported, Monica Long, the president of Ripple, stated that the company would soon announce more exchange listings. At the time of writing, RLUSD can be traded on the Archax, B2C2, Bitso, and Uphold exchanges, with future listings planned for Flowdesk and Zero Hash.
Also, Ripple has partnered with Chainlink to make RLUSD available to the DeFi community. The collaboration was revealed on 7th January and will see Chainlink’s decentralized RLUSD price feeds integrated into the XRP Ledger and Ethereum. This partnership will help strengthen RLUSD within the DeFi ecosystem through the use of accurate and timely market data. This will be to increase reliability and address the issues of price manipulation and outages.
RLUSD impressive growth
The market adoption of RLUSD has picked up significantly, with more than 76% of the trading volume being recorded on a Bullish exchange, especially in the RLUSD/USDC and XRP/RLUSD pairs. At the same time, decentralized exchange Sologenic has a smaller share. The XRP/RLUSD pair on the platform has a 24-hour trading volume of $3.4 million, which is equal to 3.56%.
Recently, RLUSD’s trading volume increased by 2,000%, exceeding $611 million, putting it in fourth place among the most-traded stablecoins. Notably, in the last 24 hours, the coin’s trading volume was more than 228%.
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