Ripple’s senior executive allows the possibility of RLUSD to be listed on Coinbase

What’s new? Jack McDonald, the senior vice president of stablecoins at fintech company Ripple, has revealed which major exchanges are planning to list RLUSD. The RLUSD stablecoin, pegged to the US dollar and backed by fiat reserves, was launched by Ripple on its own XRP Ledger (XRPL) blockchain and the Ethereum network on December 17, 2024. At that time the asset became available on Archax, Bitso, CoinMENA, MoonPay, and Uphold.

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What else is known? The senior executive pointed out that leading centralized exchanges (CEXs), such as Coinbase and Binance, are already promoting certain stablecoins through strategic partnerships.

For example, Coinbase favors USDC, which it developed with issuer Circle, while Binance began actively supporting FDUSD from Hong Kong-based issuer First Digital after US regulators ordered the discontinuation of the Binance USD (BUSD) stablecoin.

That said, both exchanges support other stablecoins, including PAX, GUSD, PYUSD, and the market leader, Tether’s USDT, though they do not promote them as heavily. McDonald noted that Ripple is in various talks and Coinbase could be “open to slowly expanding” its range of stablecoins.

He also explained that from a technical standpoint, listing requires exchanges to support blockchains where RLUSD is traded. Also, the asset must show high trading volumes to be listed on major exchanges.

McDonald recalled that RLUSD has received approval from the New York State Department of Financial Services (NYDFS), which could prove to be an important advantage. Thus, RLUSD was the first XRPL blockchain-based asset approved by the NYDFS, so other organizations regulated by the department will also be able to start using it.

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Predicting the future development of the stablecoin market, McDonald noted that exchanges and liquidity providers are becoming increasingly selective, favoring reliable and liquid stablecoins, which marginalizes smaller issuers and reinforces the dominance of market leaders such as USDT and USDC.

In his view, only issuers with institutional backing will be able to stay in the market in the future, while smaller market participants will face challenges due to high compliance costs in the face of increased regulation.