XRP Stablecoin RLUSD Gains Momentum Across Platforms

XRP is taking further steps into the stablecoin arena as RLUSD continues to gain traction within the crypto ecosystem. While it currently holds a minor share in the broader market, recent developments highlight a steady uptick in adoption and interest surrounding Ripple’s latest offering.

Recently, the cryptocurrency exchange Bitget joined the list of platforms offering trading services for Ripple’s RLUSD. On May 29, Bitget made RLUSD available in its innovation and Web3 trading zones. Users now have access to trading pairs such as RLUSD/USDT and RLUSD/USDC, with withdrawals becoming accessible starting May 30.

In addition to Bitget’s support, Euler Labs, a UK-based company specializing in decentralized finance (DeFi) innovations, has also embraced RLUSD. The platform now allows its users to borrow, lend, and use RLUSD as collateral, further enhancing the token’s utility in various financial applications.

Launched in mid-December, RLUSD is a USD-pegged stablecoin developed by Ripple. It initially debuted on several platforms including Bitso, Uphold, Bitstamp, and Moonpay. Since the start of the year, major U.S.-based exchanges like Kraken and Gemini have also rolled out support for RLUSD, adding to its distribution channels and boosting user accessibility.

Despite these accomplishments, RLUSD remains a relatively modest contender in the stablecoin market. With a market capitalization slightly surpassing $300 million, it claims about 0.12% of the sector’s nearly $250 billion total value. In contrast, dominant players like Tether’s USDT and Circle’s USDC command much larger shares, with USDT valued around $153 billion and USDC at approximately $61.2 billion.

Amid RLUSD’s expansion, Ripple is reportedly pursuing more strategic ventures. Speculation has emerged about Ripple’s interest in acquiring Circle, the issuer behind USDC, one of the most prominent stablecoins in the market. Insiders suggest that Ripple may currently be ahead of Coinbase in a competitive acquisition bid. Nevertheless, Circle has issued a denial, stating unequivocally that it’s not for sale and continues to aim for a U.S. initial public offering.

Meanwhile, Cardano is also expressing curiosity in integrating RLUSD into its ecosystem. Over recent months, Charles Hoskinson, the founder of Cardano, has engaged in discussions surrounding potential collaboration with Ripple. At the end of 2024, he expressed regret over past criticism of the XRP community and began exploring avenues for cooperation.

In November of last year, Hoskinson disclosed that he had engaged in a productive conversation with Ripple CEO Brad Garlinghouse, hinting at shared interests and mutual respect. This dialogue sparked further discussions about technical integration efforts between the two blockchain entities.

Early this year, the ongoing talks reportedly progressed, as both Ripple and Cardano conducted a joint call to examine integrating RLUSD into the Cardano network. Ripple further fueled speculation by featuring Cardano’s logo in a video shared on its social media account in April, catching the attention of both user communities.

Most recently, Hoskinson reiterated his support for Ripple and its stablecoin initiative. He emphasized that integrating RLUSD into Cardano’s infrastructure would be done at no cost, motivated by a positive view of the XRP community. However, the collaboration remains in preliminary stages, with no official partnership confirmed at this time.

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

As Ripple pushes forward with expanding RLUSD’s presence across different platforms and blockchains, it continues to navigate a competitive market dominated by larger rivals. Still, the growing list of supporters and exploratory collaborations, including potential involvement from ecosystems like Cardano, suggest RLUSD might play a more significant role in the stablecoin landscape in the future.