Ripple's President Monica Long announced the company's plans to imminently list its new stablecoin, RLUSD, on more exchange platforms as it gears up for the XRP ETF launch.
Launch of RLUSD and its Progress
Ripple's RLUSD stablecoin gained attention in 2024 after its launch. Pegged to the US dollar, it was initially deployed on the Ethereum blockchain and XRP Ledger. There are currently 58,823,317.55 RLUSD in supply, with a total of 795 holders. So far, it has experienced 1761 transactions, indicating market activity. Of the total supply, 68% remain in the Ripple deployer account.
Expectations for XRP ETF
Monica Long showed optimism about the XRP ETF, stating that 2025 may see the launch of several ETFs, including XRP alongside Bitcoin and Ethereum ETFs. Filings for the XRP ETF are already submitted, awaiting approvals. However, approval might be delayed due to a transition within the Securities and Exchange Commission (SEC). Previously, XRP and the SEC were embroiled in a legal battle won by Ripple.
Impact of XRP in Japan
Ripple's stablecoin launch was timely as banks in Japan prepared to adopt the XRP Ledger. According to SBI CEO Yoshitaka Kitao, this will enhance cross-border payments and ease currency exchanges. If adopted by just 1% of Japan's $6.372 trillion banking sector, XRP's market cap could rise by $63.72 billion, with XRP trading at $3.50.
Ripple's plans to expand RLUSD and the upcoming launch of the XRP ETF could significantly impact the crypto market, especially with growing adoption in countries like Japan.
