Ripple’s RLUSD debuts on Kraken surpasses $10B in volume

Ripple’s RLUSD is now available on Kraken. On Wednesday, 16:00 UTC, the exchange began trading the stablecoin and allowed its users to interact with it.

So far, the stablecoin has already processed over $10 billion in cumulative trading volume, indicating massive momentum for the token.

Kraken lists RLUSD, joining Archax, Bitso and Bitstamp

In its press release, Kraken stated, “We’re thrilled to announce that RLUSD is now available for trading on Kraken!” and even detailed the asset.

The exchange mentioned that the stablecoin is fully backed by a reserve of cash and cash equivalents, redeemable 1:1 for USD. It even added that the token is suitable for financial operations such as payments, global settlements, on/off ramping, and trading collateral.

Kraken users can now deposit Ripple USD by heading to the funding tab on their account, selecting RLUSD, and using one of the supported networks. However, users cannot access RLUSD through their mobile Kraken application as yet. Moreover, the instant Buy feature is still unavailable for RLUSD holders until all liquidity requirements are met.

But now that Kraken is on board, it adds to the token’s availability on Archax, B2C2, Bitso, Bitstamp, Bullish, Coinmena, Flowdesk, Independent Reserve, JST Digital, Keyrock, LMAX Digital, Mercado Bitcoin, Moonpay, Revolut, Uphold, and Zero Hash.

Ripple adds RLUSD to its cross-border payments platform, Ripple Payments

In addition to the Kraken token listing, Ripple has included its RLUSD in its enterprise-grade cross-border payments platform, Ripple Payments.

Jack McDonald, Senior Vice President of stablecoins at Ripple and CEO of Standard Custody & Trust Co., commented on the move, stating that RLUSD is now integrated into Ripple Payments, which offers near-global coverage through over 90 payout markets. It provides instant connections to banks, financial institutions, payment service providers, and exchanges, as well as many other entities around the world. As a result, it delivers enterprise utility right out of the box.

In its press release, the company also claimed that the integration would allow for fast, low-cost, and scalable cross-border payments.

So far, only a select number of users, including BKK Forex and iSend, are using the token for cross-border payments. However, Ripple plans to add more enterprise customers in the long run, especially since the token is better suited for institutional flows. A while back, Ripple also collaborated with Chainlink to add RLUSD data feeds to make the token more accessible to retail customers.

Meanwhile, the stablecoin‘s market cap has surged to almost $250 million, reaching the $ 200 million mark just three months after its launch. Also, its monthly transfer volume grew from $466 million to over more than $720 million last month, a 55% increase.

The token has also crossed the $10 billion trading volume mark, with most analysts crediting its listings on global exchanges and increased adoption among financial institutions and non-governmental organizations (NGOs) as the primary growth catalysts.