Binance, the world's largest cryptocurrency exchange by volume, has wrapped up the integration of Ripple USD (RLUSD) on the XRP Ledger (XRPL).
According to the official support page, deposits for RLUSD via the XRP Ledger are now open.
This integration follows Binance's initial listing of RLUSD in January, which was primarily supported on the Ethereum network.
Users can now bypass Ethereum's higher gas fees and slower settlement times and take advantage of extremely low transaction costs associated with the XRP Ledger.
The community has been anticipating this specific update since it was teased by Jack McDonald, Ripple’s Senior Vice President of Stablecoins.
McDonald recently stressed that the deep integration with the XRP Ledger was the "endgame" for the stablecoin’s utility. This means that Ripple's stablecoin team is moving beyond just focusing on securing a higher number of listings.
The $1.5 billion milestone
According to CoinGecko data, the Ripple USD (RLUSD) stablecoin has now crossed $1.5 billion in market capitalization.
The latest mints have propelled the highly regulated stablecoin to 51st place among all cryptocurrencies.
The first week of February witnessed a significant acceleration in the issuance of Ripple USD (RLUSD), with the Treasury minting approximately 147.2 million tokens in a rapid-fire sequence of transactions designed to bolster liquidity across both the XRP Ledger and Ethereum networks.
The activity kicked off aggressively on Feb. 2, when the Treasury generated a massive 59 million RLUSD in a single tranche recorded on the XRP Ledger, signaling a strong push to deepen native liquidity. This was accompanied by another substantial mint of 28.2 million RLUSD on the same day, setting a high-velocity tone for the week.
Vladislav Sopov
Dan Burgin