Kraken Exchange Incorporates Ripple’s RLUSD Expanding Stablecoin’s Reach into Payment Solutions

Summary

• Kraken Exchange Now Supports RLUSD Trading: Ripple’s USD-backed stablecoin, RLUSD, is now available for trading on Kraken, a top US crypto exchange.

• RLUSD Integrated into Ripple Payments for Cross-Border Transactions: This exchange listing coincides with Ripple incorporating RLUSD into its payment network, enhancing speed and efficiency for international payments.

• RLUSD Exceeding Growth Projections and Targeting Enterprise Use: Launched in December 2024, RLUSD is quickly gaining market cap and is designed for global business applications beyond typical retail stablecoin use.

Kraken, a prominent player in the US cryptocurrency exchange market, securing its position as the second-largest by trading volume, has officially integrated Ripple’s proprietary stablecoin into its supported assets.

Kraken Exchange Opens Doors to Ripple USD

In a recent public announcement, Kraken confirmed the availability of Ripple USD (RLUSD) for trading on its platform, marking a significant step in the stablecoin’s market presence.

RLUSD is engineered as a digital representation of the US dollar, backed by USD reserves and operating across both Ripple’s XRP Ledger and the Ethereum blockchain networks.

Ripple’s RLUSD Gains Trading Platform as Payment Network Integration Expands

Since its launch in December 2024, the stablecoin has demonstrated impressive early growth, rapidly approaching a quarter of a billion dollars in market capitalization.

This integration by Kraken is strategically timed with Ripple’s broader initiative to embed RLUSD within its established suite of payment products, specifically Ripple Payments.

According to Ripple’s official communication, RLUSD has now been activated for cross-border payment functionalities within their primary payment solution, a system already responsible for processing billions of dollars in transaction value.

Ripple emphasizes that unlike many stablecoins that are primarily consumer-focused, RLUSD is intentionally designed with embedded enterprise-grade capabilities, aimed at optimizing the speed and effectiveness of international payment processes.

Ripple articulates its strategy as leveraging its long-standing expertise in the payments sector, its extensive global payout infrastructure, and a meticulously designed, regulation-centric stablecoin to offer international payment solutions that are characterized by speed, cost-efficiency, and scalability.

Currently, RLUSD is actively deployed within the payment ecosystem for selected partners, including cross-border payment specialists BKK Forex and iSend, facilitating improvements in their cross-border treasury management operations.

Ripple has indicated intentions to progressively broaden the utilization of RLUSD among its wider payments customer base in the future.

Jack McDonald, Ripple’s Senior Vice President of Stablecoins, has indicated that the early performance and growth of RLUSD are outstripping initial internal expectations.

He remarked on the sustained expansion of RLUSD’s market capitalization, exceeding internal projections.

McDonald further pointed out the swift emergence of diverse applications for RLUSD, notably including its role as collateral within both cryptocurrency and traditional finance trading environments.

He also highlighted the continuous expansion of RLUSD’s availability across various cryptocurrency exchanges and mentioned ongoing collaborations with Non-Governmental Organizations (NGOs), which are exploring the potential of utilizing stablecoins to optimize and simplify their donation management processes.

Also Read: Kraken Generates $1.5 Billion in Revenue Amid an Increase in Trading Volume in the United States

Kraken, a US-based cryptocurrency exchange, saw a 128% year-over-year increase in revenue in 2024, reaching $1.5 billion. The platform generated $380 million in earnings before interest, taxes, depreciation, and amortization (EBITDA) in 2024, resulting from $665 billion in trading volume. With assets totaling $42.8 billion, Kraken was the fifth-largest centralized exchange and managed 2.5 million funded accounts. The platform’s success is attributed to its long-term growth strategy, which has allowed it to dominate the stable-to-fiat on-ramp sector, managing over 40% of global stable-fiat volume. Kraken also emphasizes its commitment to seamless execution, with a 99.9% platform availability and sub-2ms…[Read More]

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