Binance has successfully integrated Ripple USD, also known as RLUSD, into its platform by launching deposits for this specific stablecoin. As per the recent announcement, the exchange will enable withdrawals once adequate liquidity is established. Now, users can generate deposit addresses via their wallets on Binance.
RLUSD is a digital asset that maintains a one-to-one value with the US dollar, functioning primarily on the XRP Ledger while also being compatible with the Ethereum blockchain. This feature underlines a regulated, multi-chain approach to institutional payments and decentralized finance.
The introduction of RLUSD into Binance enhances accessibility to this stablecoin, which made its debut in late 2024 as Ripple's foray into the stablecoin sector. It is set to compete with leading alternatives, including Tether's USDT and Circle's USDC. Together, these competitors boast a combined market capitalization exceeding $250 billion, indicating the significant stakes in this growing segment of the cryptocurrency market.