Kraken Adds RLUSD Stablecoin from Ripple to Trading Platform

Kraken has added Ripple’s stablecoin RLUSD to its trading platform, expanding access to a digital dollar asset that’s been gaining traction since its launch in December 2024 after it got approved by New York regulars.

Issued on both the XRP Ledger and Ethereum, RLUSD is backed 1:1 by US dollars. The stablecoin has already approached a $250 million market cap, according to data tracked across exchanges and blockchains. Kraken’s listing gives traders and institutions another venue to access RLUSD, as interest in enterprise-grade stablecoins continues to grow.

Ripple has also integrated RLUSD into Ripple Payment, its enterprise payments service. The company says RLUSD is designed to serve institutional clients and cross-border payment providers, not just retail users. According to Ripple, “Ripple has enabled RLUSD cross-border payments in its flagship payments solution, which processes billions of dollars in volume. Unlike many stablecoins, which are designed for retail use, RLUSD has built-in global enterprise utility to improve the speed and efficiency of cross-border payments.”

Ripple believes its years of experience in the payments sector and global payout network give RLUSD an edge in providing fast, low-cost transfers. The stablecoin is already being used by firms like BKK Forex and iSend to manage cross-border treasury flows more efficiently.

Jack McDonald, who leads Ripple’s stablecoin division, noted the token’s faster-than-expected adoption. “We’re seeing the market cap continue to grow, outpacing our internal projections. In short order, RLUSD is being used for a number of use cases, including use as collateral in both crypto and tradfi trading markets. New exchanges are listing RLUSD on an ongoing basis and we’re actively working with NGOs (Non-Governmental Organizations) who see the opportunity to streamline giving through stablecoins.”

With support from both Ethereum and XRP Ledger networks, RLUSD aims to offer flexibility for developers and enterprises. Its presence on multiple blockchains allows broader access and integration potential in various financial services and payment systems.

To comply with the Markets in Crypto-Assets Regulation (MiCA), Kraken has delisted USDT spot trading pairs in EEA this week.