Bybit Lists Ripple’s RLUSD Stablecoin for Spot Trading with Pairs in Bitcoin, Ethereum, XRP, USDT, and MNT
- Bybit lists Ripple RLUSD stablecoin for spot trading with 5 major crypto pairs in select regions.
- RLUSD is now integrated into BlackRock and VanEck tokenized funds through Ripple and Securitize partnership.
- RLUSD has gained traction with support on Ethereum and XRP Ledger and a market cap of $741 million.
Crypto exchange Bybit has listed Ripple’s RLUSD stablecoin for spot trading. The listing includes RLUSD pairs with USDT, Bitcoin, Ethereum, XRP, and MNT. The move expands trading options for users across supported regions. These pairs are however subject to local regulatory guidelines.
This addition aligns Bybit with other exchanges already supporting RLUSD. Platforms like Bullish, Uphld, Bitstamp, MoonPay, CoinMENA, ArchaxEx, and Bitso have previously listed the token. The listing strengthens RLUSD’s market presence as adoption continues to grow. Bybit’s listing may also influence more platforms to follow.
Stablecoin Gains Market Share
RLUSD currently ranks as the 94th largest cryptocurrency. It holds a market capitalization of $741 million. The stablecoin is supported on two networks: Ethereum and XRP Ledger. These are the only networks offering native support for RLUSD at this time.
The stablecoin’s growth reflects increasing demand across crypto ecosystems. Bybit’s listing introduces more liquidity and access for traders and investors. It also provides more off-ramp options for those redeeming RLUSD for other assets.
Financial Integrations Drive Adoption
RLUSD adoption recently advanced with its integration into tokenized funds. Recently, RLUSD joined Aave’s Horizon to support tokenized asset lending and expand stablecoin use in regulated DeFi markets. Asset managers BlackRock and VanEck incorporated the stablecoin into BUIDL and VBILL investment products. This development enables investors to redeem fund shares in RLUSD.
The collaboration between Ripple and tokenization platform Securitize supported the integration. This step allowed off-ramp transactions using RLUSD, increasing its utility. The move highlights the integration of digital assets into conventional finance constructs.
The use of the stablecoin in these products establishes it in the retail and institutional markets. Its adoption as a redemption instrument is an indication of a wider confidence in transfers of value through the use of stablecoins.
XRP Community Supports Expansion
RLUSD has gained support from the XRP community. Users have welcomed the new trading pairs and wallet integrations. Many also noted the significance of RLUSD’s presence on the XRP Ledger. Last year, Ripple Labs accelerated testing for its RLUSD stablecoin, showcasing activity on both the XRP Ledger and Ethereum.
Validators and traders acknowledged the benefits of deposit and withdrawal functions on XRPL. The RLUSD/XRP pair on Bybit offers more direct access between the stablecoin and XRP.
While several platforms have listed the stablecoin, major exchanges have yet to act. Binance, Coinbase, and Robinhood have not added RLUSD to their spot markets. A listing on these platforms could further increase exposure.
RLUSD’s rising visibility and continued listings point to more adoption ahead as crypto and finance platforms converge.
