Ripple’s Stablecoin Gains Momentum, XRP ETF on the Horizon
Ripple’s stablecoin, RLUSD, is gaining traction in the cryptocurrency market, with major exchanges expected to adopt it soon. In a recent interview with Bloomberg, Ripple’s president, Monica Long, hinted that behemoths like Coinbase and Binance may join the list of exchanges supporting RLUSD “imminently.”
The Rise of RLUSD
Ripple first announced its plans to launch a stablecoin pegged to the US dollar in April last year. After a testing phase, RLUSD was officially approved by the New York Department of Financial Services (NYDFS) in mid-December. Several cryptocurrency exchanges, including Uphold, Bitstamp, and Bitso, were among the first to support the stablecoin. More recently, the Peter Thiel-backed Bullish also joined the list.
Growing Adoption and Market Growth
Long noted that the crypto market has been growing in recent quarters, and she predicts that 2025 will be a successful year for the industry. Stablecoins, including RLUSD, are expected to play a crucial role in this growth. “We think that the market’s going to grow tremendously in the course of the next year,” Long said. “Our business doubled within payments last year, and we see a really strong growth trajectory for our payments solution, and with that, RLUSD will have a premium role.”
XRP ETF on the Horizon
Long also suggested that an XRP exchange-traded fund (ETF) is likely to be launched in 2025. She believes that the change in administration at the US Securities and Exchanges Commission (SEC) will accelerate the approval of crypto ETFs. The SEC’s new leader, Paul Atkins, has shown a pro-crypto stance in the past, which could lead to a favorable resolution of the ongoing legal battle between the SEC and Ripple.
Conclusion
Ripple’s stablecoin, RLUSD, is gaining momentum in the cryptocurrency market, with major exchanges expected to adopt it soon. The company’s president, Monica Long, predicts a successful year for the industry in 2025, with stablecoins playing a crucial role. Additionally, an XRP ETF is likely on the horizon, thanks to the change in administration at the SEC. As the crypto market continues to grow, it will be interesting to see how these developments unfold.
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