After launching on a few small crypto exchanges last month, Ripple’s stablecoin will debut ‘imminently’ on larger ones, a company executive said.
In an interview with Bloomberg on Tuesday, Ripple president Monica Long said customers “can expect to see more availability and more announcements coming soon.” Ripple’s senior vice president of stablecoins Jack Mcdonald confirmed that comment in an email to Fortune, saying, “In 2025, we are continuing to focus on global expansion by building additional partnerships with leading exchanges and integrations across new blockchains and decentralized applications.”
Ripple’s stablecoin RLUSD—a type of cryptocurrency whose value is designed to stay in line with the U.S. dollar—premiered on Dec. 17 on Uphold, Bitso, MoonPay, Archax, and CoinMENA, after receiving long-awaited regulatory approval from the New York Department of Financial Services.
Listing RLUSD on larger exchanges like Coinbase or Binance would make the stablecoin accessible to a broader range of investors in the U.S. and abroad, accelerating the rate of adoption.
“Since the launch of RLUSD, less than a month ago, we’ve seen incredible momentum,” McDonald said in the email without providing further details.
On Wednesday, RLUSD was introduced on the oldest crypto exchange Bitstamp. While Bitstamp is smaller than Coinbase or Binance, CEO of Bitstamp US Bobby Zagotta, told Fortune that RLUSD has had a “fast start” on the exchange and had attracted “meaningful volume” within 24 hours of its launch.
“It has all of the things that we would look for in a stablecoin project.… Ripple is all about moving value from one place to another, and this is another means to make that easy, cheap and fast,” Zagotta said.
Stablecoins have become what some in the industry call crypto’s “killer app”—or an indispensable part of the crypto economy. Stablecoins are often used to settle cross-border payments and as a store of value in countries where the local currency is vulnerable to inflation. Because of this, financial services companies are racing to develop their own version of the dollar-pegged asset, to collect transaction fees and interest.
PayPal, one of the largest payment companies, launched its own stablecoin in 2023. However, PayPal and other stablecoin issuers face harsh odds. Tether and Circle, the two largest stablecoin companies, have dominated 90% of the market. While Tether’s USDT has attracted a market cap of $137 billion, PayPal’s PYUSD currently sits at just $500 million.
While it is too soon to know the long-term success of RLUSD, Long said, “We see a really strong growth trajectory for our payment solution and with that, Ripple U.S. dollar will have a premium role.”
