Emily Walker
In a recent discussion with Bloomberg Crypto, Ripple’s President Monica Long shared her positive outlook on the potential approval of a spot XRP exchange-traded fund (ETF) in the U.S. Long also shed light on the growth prospects for Ripple’s new RLUSD stablecoin, which she anticipates will gain traction soon.
Expansion Plans for Ripple’s RLUSD
The RLUSD stablecoin is currently available on platforms like Bitso, MoonPay, and CoinMina, with plans to expand its presence on additional exchanges such as Bullish and MercadoBitcoin. When asked about its availability on major U.S. exchanges like Coinbase, Long noted, “We are continuing to expand distribution and availability of Ripple dollars on other exchanges, so expect more announcements soon.”
Regarding a timeline for wider availability, she stated: “Imminently.” Long underscored the increasing importance of stablecoins in trading and payment processes, describing them as essential for crypto transactions. She remarked, “The overall crypto landscape has been growing recently, and we anticipate significant demand for stablecoins this year, further positioning Ripple US dollar prominently.”
Since its launch on Ethereum and the XRP Ledger in December, RLUSD has achieved a market capitalization of about $53 million. Ripple has incorporated Chainlink services into RLUSD to bolster its functionality within decentralized finance (DeFi) protocols, supporting Long’s vision for its widespread use.
XRP ETF Approval Anticipated Soon
While discussing the potential ETF, Long expressed confidence in a quick regulatory approval process: “I think we will see one very soon. I believe more crypto spot ETFs will emerge from the U.S. this year, and XRP is likely next after Bitcoin and ETH.”
Long mentioned that several asset managers, including Canary Capital and WisdomTree, have already submitted applications for XRP ETFs. She indicated a more favorable regulatory climate, stating: “Several companies, like Canary, have filed already, and we expect the pace of approvals to pick up.”
In October, Bitwise submitted a registration statement with the U.S. Securities and Exchange Commission (SEC) for an XRP ETF. While multiple applications have been made since then, the SEC has yet to reach a decision.
Long disclosed that Ripple’s payments segment doubled last year, showcasing strong demand from institutional and corporate clients. She also pointed out that Ripple’s U.S. business is set for a significant closing at the end of 2024, with more local deals signed in the last six weeks than in the preceding six months.
Amid speculations about the Trump administration’s crypto-friendly stance potentially quickening ETF approvals, XRP has seen a price increase of over 350% since Trump’s election, outperforming many other major cryptocurrencies during that time.
As of the latest update, XRP is trading at $2.31.