Bitstamp Introduces Ripple’s RLUSD on Ethereum Blockchain
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Highlights:
- Bitstamp said it has integrated Ripple’s RLUSD into its trading platform.
- The stablecoin will run on the crypto exchange’s Ethereum network
- RLUSD will run against some selected cryptocurrencies like Ethereum, Bitcoin, XRP, etc.
Bitstamp, one of the oldest crypto exchanges, recently announced that it has onboarded Ripple’s stablecoin, RLUSD, on its Ethereum blockchain. Relaying the new development to its X followers, Bitstamp described RLUSD as equal to the US dollar. Ripple added that the stablecoin is backed by cash and cash equivalents.
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New on Bitstamp: We've just listed @Ripple USD (RLUSD) on Ethereum network! 💸
Designed to hold a 1:1 value with the US dollar, $RLUSD is backed by cash and cash equivalents.
Ready to trade?
Start today: https://t.co/zgSJe6OzGm pic.twitter.com/NBher56J3P
— Bitstamp (@Bitstamp) January 8, 2025
On its official announcement website, the exchange highlighted its listing schedule. It included six trading pairs that it plans to make available for traders. The entities that the stablecoin would be traded against include the Euro (EUR), US dollar (USD), Tether (USDT), Bitcoin (BTC), Ethereum (ETH), and Ripple’s native XRP token.
It is worth noting that the integrated stablecoin has gone live in the crypto exchange. Therefore, users can start trading with it through Butstamp’s mobile app.
The trading platform stated:
“RLUSD on ETH network is now live on Bitstamp, and you can start exploring its potential today. Whether you’re looking to streamline your cross-border transactions or simply want a stable asset in your portfolio, RLUSD offers a range of possibilities.”
Bitstamp Highlights RLUSD Features that Have Made it Unique
Per Bitstamp, the RLUSD 1:1 equivalence with the US dollar accounts for a greater portion of its stability. Hence, users should expect consistency in valuations and tokenization. Another selling point attributed to the RLUSD was that the token was built on trust, citing its approval by the New York State Department of Financial Services.
The announcement also spotlighted the RLUSD as a portal that allows users to experience Decentralized Finance (DeFi) on the XRP Ledger (XRPL). With such exposure, the crypto exchange mentioned that customers will be open to more opportunities than what is obtainable with conventional tokens. Finally, Ripple’s global expansion efforts through strategic partnerships made the list of why its stablecoin is a suitable option for traders.
Ripple’s Strategic Partnerships to Boost RLUSD Scalability
Over the years, Ripple has been making efforts to ensure that its stablecoin is a huge success. As a result, the cross-border firm has been scoring important partnerships even before the RLUSD’s launching. Crypto2Community reported one of its most recent collaborations on January 7. The collaboration involved Chainlink, a decentralized platform, and it aims to increase the RLUSD’s adaptability.
According to the report, the Chainlink Price Feeds feature will equip the RLUSD with secure and tamper-proof pricing data on the Ethereum Blockchain. Citing its reason for choosing Chainlink, Ripple noted that it made its decision based on the platform’s reliable and decentralized Oracle network.
.@Ripple x @Chainlink: $RLUSD has adopted the Chainlink standard for verifiable data to fuel DeFi adoption with real-time, secure pricing data.
The future of stablecoins is here: https://t.co/mq3cThLGQJ pic.twitter.com/993Ac0o282
— Ripple (@Ripple) January 7, 2025
Impacts of RLUSD Latest Listing on XRP Price Actions
As Ripple rightly stated to allay XRP enthusiasts’ fears, the stablecoin will not replace XRP. Instead, it aims to complement XRP’s utility, implying that RLUSD’s favorable news would likely influence XRP’s price actions. Per CoinGecko data, XRP is up by about 2.5% in the past 24 hours. It is priced at approximately $2.33 and has a $133.9 billion market capitalization, which saw it rank as the fourth most valuable cryptocurrency.
Aside from its short-term interval price change data, other variables reflected upswings. To clarify, XRP’s biweekly and monthly statistics displayed 3.8% and 7.7% increments, respectively. Despite its remarkable price actions, XRP’s 24-hour trading volume has dropped by about 13.64% and boasts a $126.43 billion valuation.
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