On the 29th of January, a day not unlike any other, traders were graced with the news that RLUSD could now serve as collateral for trading crypto pairs. Ah, the sweet scent of opportunity wafted through the air, as Ripple, in its infinite wisdom, sought to expand its stablecoin reach across the vast and tumultuous seas of global exchanges.
Margex users, those brave souls, can now trade RLUSD alongside other stablecoins like USDT, ensuring that their trading experience is as seamless as a well-oiled machine. The exchange, in its infinite generosity, assures us that RLUSD will support fast and secure cross-border payments, while also providing a hedge during those delightful moments of market volatility. Because who doesn’t love a little chaos? 😂
With this new addition, Margex continues to enhance its offerings, like a chef adding spices to a bland dish, in hopes of attracting more crypto traders. The platform has also integrated TradingView charting tools, boasting over 100 technical indicators, 110 drawing tools, and 17 chart types. Truly, a veritable buffet for the analytical mind! 🍽️
Are Coinbase and Binance Next?
Ripple’s leadership, a group of visionaries, is pushing for RLUSD’s expansion to major exchanges. Executives like CEO Brad Garlinghouse and President Monica Long are expecting a surge in demand for the stablecoin by 2025. They are actively seeking listings on platforms such as Binance, Bybit, and Coinbase, aiming to establish RLUSD as a top-tier stablecoin. Because why settle for less when you can aim for the stars? 🌟
Jack McDonald, Ripple’s senior vice president overseeing stablecoin operations, remains optimistic about these potential partnerships. He acknowledged that while technical challenges exist, major platforms might reconsider their exclusive relationships in the future. “Coinbase, for example, clarified that it has no exclusive deal with USDC, as it supports a variety of stablecoins like PAX, GUSD, PYUSD, and USDT,” McDonald noted, highlighting the opportunity for RLUSD to enter Coinbase’s ecosystem. A veritable game of musical chairs, wouldn’t you say? 🎶
The regulatory approval behind RLUSD adds to its credibility. As a New York Department of Financial Services (NYDFS)-regulated stablecoin, RLUSD is backed by a strong collateral structure, including U.S. dollar deposits, government bonds, and cash equivalents. The 1:1 peg with the U.S. dollar ensures stability and trust for both traders and institutions. Because who doesn’t love a little stability in this unpredictable world? 🙃
Bullish Dominates RLUSD Trading with 70% Volume
Margex isn’t the only exchange making waves with RLUSD. Institutional crypto exchange Bullish, backed by the illustrious Peter Thiel, officially added RLUSD to its platform on December 24, 2024. The exchange now offers seven trading pairs, including RLUSD/USDC, BTC/RLUSD, and XRP/RLUSD, giving traders more flexibility. Flexibility, the yoga of the trading world! 🧘♂️
Currently, Bullish commands over 70% of RLUSD’s trading volume, primarily through two key pairs: RLUSD/USD Coin and XRP/RLUSD. The stablecoin is also available on platforms like Bitstamp, Uphold, MoonPay, Bitso, CoinMena, and Mercado Bitcoin. A veritable smorgasbord of options! 🍕
The Ondo Finance Partnership
Earlier this week, we learned that Ripple has partnered with Ondo Finance to introduce tokenized U.S. Treasuries to the XRP Ledger (XRPL). This collaboration offers institutional investors access to Ondo’s Short-Term U.S. Government Treasuries (OUSG), backed by BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL). Investors can mint and redeem these tokens using Ripple’s USD-denominated stablecoin (RLUSD), providing a seamless and efficient process. Good news for XRP and Ripple, indeed! 🎉
This partnership aims to meet the
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2025-01-30 11:20