Binance will add Ripple’s dollar-backed stablecoin RLUSD to its markets. The token will launch in its Ethereum version in pairs against XRP and RLUSD.
Binance has added Ripple’s stablecoin RLUSD to its markets. Initially, the asset will start trading in its Ethereum ERC-20 version, in pairs against USDT and XRP.
Later, Binance is expected to add the XRPL network, the native platform of RLUSD. The asset will launch with a zero-fee promotion.
Binance has expanded its stablecoin portfolio, becoming a source of liquidity for the smaller dollar-pegged assets. RLUSD is still growing its influence in centralized and decentralized trading. RLUSD will launch with spot markets, as well as arbitrage and leveraged trading.
The stablecoin may also be added to the Binance Earn program, offering potential benefits for RLUSD holders.
RLUSD reaches peak supply
Ahead of the Binance listing, RLUSD expanded its supply to a new peak of over $1.4B. The token is backed by USD deposits, short-term US treasuries and cash-like equivalents, aiming to align with the latest stablecoin valuations.
RLUSD expanded its supply to a new record of over $1.4B, with over $1B held on the Ethereum network, and the rest on XRPL. | Source: CoingeckoThe Binance centralized listing will make RLUSD more visible while boosting adoption for its XRPL version. The token will also expand the liquidity for XRP with a new trading pair for native holders.
RLUSD also aims to expand to institutional-grade DeFi as well as serve in payment applications and remittances. Binance will supply additional deep liquidity to add to the token’s credibility.
Before the Binance listing, RLUSD traded mostly on Bullish and Bybit. Around $1.07B of the supply is on Ethereum, with the remaining tokens on the XRPL distributed ledger.
RLUSD is minted under a New York Limited Purpose Trust Company charter, while Ripple now carries a conditional approval for an OCC charter.
The stablecoin is expected to become a part of Ripple’s toolset in the case of a final approval for the company’s banking license. While RLUSD has a relatively low supply and influence, it can grow based on its fully regulated status, with no restrictions on the US and international markets.
The listing arrives as XRP weakened to $1.91 following the general market downturn. However, Ripple continues to expand its other features under all market conditions.
Binance launches RLUSD trading from January 22
The RLUSD markets will open on Binance from January 22. Initial trading will start with deposits only.
RLUSD withdrawals will open from January 23, initially in the Ethereum-based version. The promotional fee period starts from January 22 and will continue until further notice. The token may be eligible for margin trading for some user portfolios.
The listing of RLUSD is expected to bring new liquidity, which may flow back to XRP. For now, the XRP mindshare has only increased slightly following the news, as the general crypto sentiment remains low.
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Source: https://www.cryptopolitan.com/binance-lists-ripple-rlusd-stablecoin/
