TL;DR
- Ripple’s stablecoin is gaining traction, with major exchanges like Coinbase expected to adopt it soon.
- The company’s president sees an XRP ETF likely in 2025, with pro-crypto SEC leadership potentially favoring the launch of such products.
The Leaders to Embrace RLUSD ‘Imminently?’
Last April, as a researcher, I disclosed Ripple’s plans to introduce a stablecoin tied to the US dollar, named RLUSD. After undergoing rigorous testing phases, this product was officially greenlit by the New York Department of Financial Services (NYDFS) in mid-December.
Initially, platforms such as Uphold, Bitstamp, Bitso, Moonpay, CoinMENA, and others were the pioneers in adopting stablecoins. Over the Christmas period, Bullish, a company supported by Peter Thiel, also chose to join this trend.
Despite not being on the list currently, giants such as Coinbase and Binance are expected to make their appearance “very soon,” according to Ripple’s President Monica Long in a recent interview with Bloomberg.
The executive observed that the cryptocurrency market has experienced significant growth over the past few quarters. She anticipates that 2025 could also be prosperous for the sector, suggesting that stablecoins may play a pivotal part in its progression.
It’s our belief that the market will significantly expand over the coming year. Last year alone, our business doubled in the area of payments, and we anticipate a robust growth path for our payments solution. As a result, RLUSD is poised to play a leading role,” Long concluded.
What About an XRP ETF?
Ripple’s president expressed confidence that U.S.-based corporations will launch additional cryptocurrency ETFs this year, suggesting that a XRP-backed exchange-traded fund could be the next one to follow suit.
Long proposed that, given the new administration, the processing of applications is likely to speed up significantly.
Keep in mind that Paul Atkins, Trump’s nominee for the position, will soon be taking over as head of the US Securities and Exchanges Commission (SEC), replacing Gary Gensler. Known for his unfavorable stance towards the crypto industry, Gensler oversaw numerous legal actions against cryptocurrency companies during his term, with one of the most notable being the lawsuit against Ripple.
In the past, Gensler’s replacement, Atkins, has demonstrated a supportive attitude towards cryptocurrencies. The XRP community is hopeful that this stance could lead to a positive outcome in the legal dispute that began in December 2020.
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2025-01-08 12:50