π Ripple’s Ambitious Plans for RLUSD: Aiming for Coinbase and Beyond
π Ripple’s Ambitious Plans for RLUSD: Aiming for Coinbase and Beyond
π Ripple is ramping up its efforts to grow its U.S. dollar-pegged stablecoin, RLUSD, with a focus on securing listings on major exchanges like Coinbase. Jack McDonald, Rippleβs senior vice president of stablecoins, recently shared insights about the company’s strategy in an interview with The Block. He highlighted Bitstampβs recent decision to list RLUSD and expressed optimism about the stablecoin’s future, especially after its approval by the New York State Department of Financial Services (NYDFS).
That paves the way for other, particularly NYDFS-regulated entities, to support it.
McDonald emphasized.
β οΈ However, he acknowledged the challenges of getting RLUSD listed on other exchanges due to exclusivity agreements some platforms have with specific stablecoins. He explained,
Certain exchanges have very strategic relationships with one stablecoin where, you know, they want a partner and theyβve got an economic relationship.
He pointed out the well-established partnerships between Coinbase and Circle USDC and Binance with FDUSD as examples of this exclusivity.
βΆοΈ In addition to exclusivity issues, Ripple faces technical challenges unique to the cryptocurrency space. McDonald noted that unlike traditional exchanges like the New York Stock Exchange, which have standardized infrastructure, cryptocurrency exchanges must integrate blockchain-specific systems to support a token.
π To drive the growth of RLUSD, Ripple is focusing on market demand and regulatory compliance. The company plans to expand RLUSD to other networks to establish it as a key player in the digital asset market. Currently, RLUSD is listed on several exchanges, including Uphold, Bitstamp, Bullish, Independent Reserve, Moonpay, Bitso, and Coinmena.
Exchanges also want to make sure that the volume is worth their while because there is a tech lift and then an ongoing support of doing it right β¦ And they want to make sure that there is demand for it,
McDonald revealed. He predicted that stablecoin issuers with strong institutional support will dominate the market, stating,
Only stablecoin issuers with institutional backing and robust compliance frameworks will endure the βwar of attrition.β
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