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RLUSD Stablecoin Now Integrated in Ripple Payments Platform: Reaches $294M Market Cap
Ripple has successfully integrated its newly launched stablecoin, RLUSD, into its cross-border payments platform. This strategic move highlights the company’s commitment to expanding its offerings and enhancing its treasury operations.
In a significant milestone, the RLUSD token has reached a market capitalization of nearly $200-294 million. The stablecoin is designed for institutional flows rather than retail use, distinguishing it from consumer-focused stablecoins in the market. According to Jack McDonald, Ripple’s Senior Vice President of Stablecoins, RLUSD’s growth exceeds internal projections.
The integration of RLUSD into Ripple Payments enables seamless transactions and facilitates greater financial inclusion worldwide. As part of its efforts to bridge cryptocurrency infrastructure with regulated financial markets, Ripple has demonstrated a strong focus on regulatory compliance.
Ripple has also partnered with popular cryptocurrency exchange Kraken to list RLUSD, allowing both institutional and retail traders to access the asset through a trusted U.S. platform. This expansion enhances market accessibility for the stablecoin.
Notably, RLUSD’s 24-hour trading volume has seen significant growth, reaching nearly $100 million, representing an 85% surge from previous figures. Community sentiment metrics also indicate a strong positive rating of 96%, as tracked by CoinMarketCap.
Furthermore, Ripple is exploring humanitarian applications for its stablecoin, actively working with NGOs that see the potential to streamline giving through this asset. This reflects Ripple’s commitment to leveraging its expertise in cryptocurrency infrastructure for social good initiatives.
RLUSD’s growth has come after years of regulatory challenges faced by Ripple. The company’s focus on compliance demonstrates lessons learned from past experiences. As RLUSD continues to gain traction, Ripple is well-positioned to challenge established players in the stablecoin space, capitalizing on its existing cross-border payment infrastructure and treasury operations.
Please note that some information may have been extracted for brevity or clarity purposes.
Source: https://coincentral.com/rlusd-stablecoin-now-integrated-in-ripple-payments-platform-reaches-294m-market-cap/
