Ripple’s RLUSD Stablecoin Gets Listed on Bitget

The Ripple USD (RLUSD) stablecoin continues expanding its reach within the crypto marketplace as Bitget becomes the latest major platform to support the XRP-issued asset.

Bitget, a globally recognized cryptocurrency exchange, has announced the integration of RLUSD into its listings. Effective immediately, users can deposit the stablecoin into their accounts, with trading pairs becoming available later today. Initially, the exchange will support RLUSD/USDT and RLUSD/USDC pairs, offering users flexible options for stablecoin trading.

Ripple launched RLUSD in late 2022 with the intention of carving out a place among the top five stablecoins worldwide. Despite aggressive expansion efforts, including listings on platforms like Bitstamp, Kraken, and recently BitMEX, the asset currently sits at a market capitalization of $309 million, based on the latest CoinGecko data.

RLUSD has recorded $94 million in trading volume over the past 24 hours, signaling ongoing activity and interest among investors. However, growth appears to have slowed, as Ripple has not issued any new RLUSD tokens this month, according to information provided by the Ripple Stablecoin Tracker account.

This stagnation raises questions about the company’s goal of reaching a top-five spot among stablecoins. The benchmark to beat remains high, with Dai (DAI), the current holder of the fifth position, clocking in at approximately $3.7 billion in market cap. RLUSD also trails behind newer entrants like PayPal USD (PYUSD) and TrueUSD (TUSD).

Despite these hurdles, Ripple continues to push RLUSD by leveraging its existing footprint in the cryptocurrency ecosystem. As the issuer of XRP and a key player in blockchain-based financial solutions, Ripple’s vision with RLUSD seems focused on creating a reliable stablecoin tied closely to its broader payments infrastructure.

The addition of Bitget is another strategic step in building credibility and volume for RLUSD. Bitget’s user base spans millions and provides a gateway for increased exposure that could contribute to organic liquidity growth over time for the stablecoin.

Still, with the competition among stablecoins growing more intense, RLUSD faces pressure to distinguish itself. High-profile players and well-backed assets are crowding the market, offering diverse options for traders and institutional participants alike.

One challenge RLUSD must address is consistency in token issuance. Without regular minting or clear signs of expanded adoption uses, traders may hesitate to commit liquidity to the asset in the long term.

Related: Expert Advice: Sell XRP If You’re Confused

In summary, RLUSD’s listing on Bitget represents a notable development for Ripple. It strengthens the coin’s market presence and opens up additional trading avenues. While the current data suggests that achieving a top-five stablecoin ranking remains ambitious, continued platform support and exchange access may provide a pathway for long-term growth. For now, Ripple appears committed to its stablecoin journey, even if the pace is more measured than initially anticipated.