Kraken, the second-largest US-based crypto exchange by trading volume, is adding support for Ripple’s stablecoin.

In a new announcement, Kraken says that Ripple USD (RLUSD) is now available to trade on its platform.

RLUSD is a US dollar-backed digital asset issued on Ripple’s XRP Ledger and Ethereum (ETH) blockchains. Launched in mid-December 2024, the stablecoin is already nearing a $250 million market cap.

Kraken’s support comes as Ripple adds RLUSD to its payments solution, Ripple Payment.

Says 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. R

ipple is combining years of expertise in payments, an extensive payout network with near-global coverage, and a high-quality, stablecoin built with compliance at its core, to provide fast, low-cost and scalable cross-border payments. Today, RLUSD is being used in the payment flow with select customers, including cross-border payment providers BKK Forex and iSend to improve their cross-border treasury operations. Over time, Ripple will also expand the use of RLUSD for our payments customers.”

Jack McDonald, Ripple’s SVP of stablecoins, says the growth of RLUSD is exceeding initial expectations.

“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.”

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