Binance Lists Ripple USD (RLUSD) on XRP Ledger, Opens Deposits as Stablecoin Race Heats Up

Key Takeaways:

• Binance finished the implementation of Ripple USD (RLUSD) on XRP Ledger and open the deposit on February 12th
• Users still can not withdraw until the platform has significantly enough liquidity.
• This throws RLUSD into a wider open and appears to be the game increasingly crowded in the regulated stablecoin business.

Another move to expand its XRP payment network was the fact that Binance has recently enabled Ripple USD (RLUSD) deposits on the XRP Ledger. Binance stated on the site that users can only draw money after the market is settled.

Read More: Binance SAFU Buys 10,455 BTC Worth $733M as $1B Stablecoin Shift Signals Bold Strategy

Binance Activates RLUSD Deposits on XRP Network

The RLUSD is now shootable directly into your Binance account RLUSD off the XRP Ledger. Deposit addresses are prepared to use and verify the token contract on-chain.

This action reinforces Binance in support of a variety of stablecoins on several networks, particularly as meme-seeking exchanges battle to remain faster with their settlements. The XRP Ledger is a fast and inexpensive trade system, and that aligns with the same approach that Ripple has in making international payments quick and convenient to corporate entities.

Binance added and specified that the service might not be accessible everywhere, which is a reminder that local regulation continues to demonetize stablecoins. However, by opening deposits initially Binance can be able to get a feel of the demand and then it can open the entire trading and withdrawals doors.

Read More: White House Crypto Talks Heat Up as Ripple CLO Signals Bipartisan Push for Market Law

Liquidity Comes First Before Withdrawals Go Live

Binance replied that you have to wait until RLUSD can be liquidated. The point is to avoid the mango shots at the very beginning and make transactions smoother. Stablecoins tend to be gradually implemented. They begin with the deposits so that the exchange may observe the amount that the people place and experience the hype.

When the supply and trading pairs are sufficient enough, withdrawals are given the go-ahead to maintain the balance in the flow.

RLUSD Integration Signals XRP Ledger Expansion

Ripple payment plans are strongly associated with RLUSD, which is a dollar-backed stablecoin. Listing on such a large exchange as Binance exposes RLUSD to an even larger audience than in its own niche. It can attract traders desiring to trade in the stablecoin on faster settlement rails than standard ones. 

The schedule is also an indicator of the growing competition among the stablecoins as platforms are no longer controlled by a single issuer. Exchanges are hoarding compliant-promising options as dollar-backed token regulation looks even more restrictive.

Having RLUSD on the stack of Binance has the potential to increase the usage of the XRP ledger in retail payments. Stablecoins also serve as the primary liquidity instrument to trade, money-sending, and DeFi, so when you notice an integration, most likely it will lead to more entrenched collaborations. Binance does not establish a time frame when the withdrawals will be done; they are waiting when liquidity increases rather than on a specific calendar date.

The post Binance Lists Ripple USD (RLUSD) on XRP Ledger, Opens Deposits as Stablecoin Race Heats Up appeared first on CryptoNinjas.