Ripple is doubling down on RLUSD’s growth, eyeing major exchange listings like Coinbase, leveraging regulatory approval, and betting on institutional demand to dominate the stablecoin market.
Ripple Eyes Major Exchange Listings for RLUSD: Are Coinbase and Binance Next?
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Ripple Eyes More Exchange Listings for RLUSD: Is Coinbase in Sight?
Ripple is intensifying efforts to expand its U.S. dollar-pegged stablecoin, RLUSD, aiming to secure listings on prominent exchanges such as Coinbase. Jack McDonald, Ripple’s senior vice president of stablecoins, recently discussed the company’s roadmap during an interview with The Block. Highlighting Bitstamp’s recent decision to list RLUSD, McDonald expressed confidence in the stablecoin’s future, pointing to its approval by the New York State Department of Financial Services (NYDFS).
The stablecoin, launched in December on Ethereum and the XRP Ledger, is the first XRP Ledger-based token to make NYDFS’s approved asset list. McDonald emphasized:
That paves the way for other, particularly NYDFS-regulated entities, to support it.
McDonald acknowledged challenges in onboarding RLUSD to other exchanges, noting the exclusivity agreements some platforms maintain with specific stablecoins. “Certain exchanges have very strategic relationships with one stablecoin where, you know, they want a partner and they’ve got an economic relationship,” he explained. “There’s a very well understood relationship between Coinbase and Circle USDC, or you could look at Binance with FDUSD to where they’re kind of more strategic exclusive. And so we’re having all sorts of conversations.”
Beyond exclusivity, Ripple must address technical considerations unique to cryptocurrency. “It’s different than the New York Stock Exchange where basically the plumbing is all the same,” McDonald said, explaining that exchanges must integrate blockchain-specific infrastructure to support a token.
Ripple is focusing on market demand and regulatory compliance to drive the growth of RLUSD. The company also intends to expand RLUSD to other networks, aiming to establish the stablecoin as a key player in the digital asset market. RLUSD is currently listed on a number of exchanges, including Uphold, Bitstamp, Bullish, Independent Reserve, Moonpay, Bitso, and Coinmena.
McDonald revealed that exchanges “also want to make sure that the volume is worth their while because there is a tech lift and then an ongoing support of doing it right … And they want to make sure that there is demand for it.” He predicted that stablecoin issuers with strong institutional support will dominate the market, adding:
Only stablecoin issuers with institutional backing and robust compliance frameworks will endure the ‘war of attrition.’
