TL;DR
- Ripple plans to list its stablecoin RLUSD on more exchanges, increasing its accessibility and adoption.
- The president of Ripple anticipates the approval of the XRP ETF by 2025, which could mark a major milestone for the cryptocurrency.
- The adoption of Ripple’s technology in Japan could significantly increase XRP’s market capitalization, with positive global impacts.
Monica Long, president of Ripple, has announced that the company is about to list its stablecoin RLUSD on more exchange platforms, marking an important step toward expanding the cryptocurrency in the global market. The launch of RLUSD has been a focal point of attention in 2024, especially due to its pegging to the US dollar, positioning it as an attractive stablecoin for those interested in a less volatile cryptocurrency with broad use cases.
Despite its recent launch, the stablecoin has already shown signs of activity with 58,823,317.55 units in circulation. Of this amount, 68%, or 40 million tokens, are held in Ripple’s deployer account. So far, RLUSD has recorded 1,761 transactions, reflecting an active market and growing user interest, with the potential for even greater transaction volumes in the future as adoption increases.
The Focus on the XRP ETF
Regarding Ripple’s future plans, Long expressed optimism about the approval of an XRP ETF, noting that this type of fund could be approved by 2025, similar to the approval of Bitcoin and Ethereum ETFs in previous years. However, the president indicated that the approval of the XRP ETF may be delayed due to internal changes within the U.S. Securities and Exchange Commission (SEC). The legal battle between Ripple and the SEC, which began in 2020, culminated in Ripple’s victory in 2023, and although the SEC suggested a multi-billion-dollar fine, the court ruled that only a $125 million penalty should be paid, providing a more favorable outcome for Ripple and its stakeholders.
XRP’s Growth Driven by Japan
Ripple’s announcement comes at a key moment, as Japan’s banking institutions are adopting XRP’s technology to improve international transfers and currency exchange. Yoshitaka Kitao, CEO of SBI, highlighted that integrating XRP Ledger will optimize cross-border payments, which could have a significant impact on Japan’s economy, with a banking sector valued at $6.372 trillion. If only 1% of this market adopted XRP, the cryptocurrency’s market capitalization could rise by $63.72 billion, potentially pushing XRP’s price to $3.50.
Widespread XRP adoption in Japan could be the catalyst that drives global growth for the cryptocurrency.
