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Ripple USD stablecoin has crossed $1.5 billion in market capitalization as institutional utility grows.
Ripple USD (RLUSD)'s market capitalization is currently at $1.52 billion, according to CoinMarketCap data. The Ripple stablecoin is currently ranked as the 46th largest cryptocurrency by market cap.
In recent news, UAE bank Zand, together with Ripple, announced a partnership to help advance and support the digital economy, with innovative solutions powered by the Zand AED (AEDZ) stablecoin and Ripple’s USD (RLUSD) stablecoin.
Powerful new use cases can be unlocked by leveraging stablecoins, blockchain technology and tokenization, as traditional finance moves on-chain, and the partnership between Ripple and Zand represents a significant step forward in the growth of the digital asset ecosystem.
RLUSD expands
The Ripple USD has seen new listings of late. In a new listing, RLUSD was listed on the HashKey exchange.
In the past week, Major crypto exchange Binance completed the integration of Ripple USD (RLUSD) on the XRP network, with deposits and withdrawals now open. This follows an earlier listing by Binance on Ethereum.
The listing on Binance includes spot trading support for RLUSD and portfolio margin eligibility, and increasing RLUSD’s utility in leveraged trading strategies will be added.
Inclusion in Binance Earn is soon to come, giving users new ways to interact with and benefit from RLUSD holdings.
Earlier in the year, Hong Kong-based crypto exchange OSL announced RLUSD listing with two trading pairs, RLUSD/HKD and RLUSD/USDT, offered to professional investors, and with over-the-counter (OTC) trading services.
XRP sees institutional demand
At the recent XRP community event, Rayhaneh Sharif Askary, head of product and research at Grayscale, highlighted continued interest in XRP.
The Grayscale head of product and research stated that advisors across the country consistently hear about XRP from their clients, highlighting persistent demand.
Grayscale shared this detail in a recent tweet, highlighting the strong community behind XRP as demand stays persistent.
"Advisors are constantly asked by their clients about XRP, and in some cases, it's the second most talked about asset in this community behind Bitcoin," the asset manager noted, sharing a recap of Sharif Askary's comments at the recent XRP Community Day event.
Vladislav Sopov
Dan Burgin