Crypto exchange Bybit has confirmed the listing of Ripple’s dollar backed stablecoin RLUSD on its platform. This came shortly after BlackRock and VanEck integrated the stablecoin into their tokenized funds earlier this week.
Bybit shared that stablecoin will be available for spot trading, and will be open against USDT, Bitcoin (BTC), Ethereum ETH), XRP, and Mantle (MNT). Bybit has enabled deposits and withdrawals for RLUSD on both the Ethereum blockchain and the XRP Ledger, the two networks where the token is natively issued.
However, the availability of these pairs will depend on jurisdictional rules, but the listing still provides traders and investors with a wider set of options to interact with the stablecoin.
This listing places the exchange among other exchanges that have already listed, including Bullish, Uphold, Bitstamp, Moonpay, CoinMENA, ArchaxEx, and Bitso. At the moment, the stablecoin ranks as the 94th largest cryptocurrency, with a market value of $741 million.
Bybit has enabled support for RLUSD on both the Ethereum blockchain and the XRP Ledger, which remain the only two networks offering native support for the token.
A Key Off-Ramp for Tokenized Funds
Bybit’s adoption of RLUSD comes just days after Ripple partnered with Securitize to facilitate the redemption of tokenized real-world assets. Through the partnership, investors in BlackRock’s BUIDL fund and VanEck’s VBILL fund can now convert their tokenized shares directly into RLUSD.
This integration provides a crucial off-ramp, allowing institutional investors to move seamlessly between regulated, yield-bearing tokenized funds and a stable, liquid digital dollar.
Why It Matters
Bybit’s listing is a significant step for Ripple as it seeks to establish RLUSD as a major competitor in the crowded stablecoin market. For Bybit, offering RLUSD provides its users with a direct bridge to the growing ecosystem of tokenized real-world assets, particularly those being launched by major TradFi players like BlackRock.
While RLUSD has yet to be listed on other top exchanges like Binance or Coinbase, its integration into institutional-grade tokenized funds and subsequent adoption by major trading venues like Bybit position it as a noteworthy contender for future growth.
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