$12-Billion Stablecoin Issuer Says XRP Is Ready For Integration And Onboarding
XRP is now on the verge of being integrated into the backing of USDe, the $11.8-billion stablecoin issued by Ethena Labs. The corporate’s danger committee just lately confirmed that XRP has handed all thresholds required underneath its newly launched Eligible Asset Framework, which places it alongside BNB and HYPE as high candidates for onboarding.
XRP’s huge liquidity, its market capitalization of over $181 billion, and each day buying and selling volumes comfortably above $10 billion now see it able to tackle a brand new position within the USDe ecosystem.
Ethena’s Eligible Asset Framework
Ethena Labs, the corporate behind the USDe stablecoin, just lately launched the Eligible Asset Framework as a formalized system to increase the collateral choices backing USDe. According to an announcement, the framework relies on particular thresholds that property should meet earlier than gaining approval.
These thresholds embody sustaining over $1 billion in average open interest throughout two weeks, each day spot buying and selling volumes above $100 million, and perpetual futures quantity exceeding $100 million per day. Liquidity necessities are additionally included, reminiscent of a spot order e-book depth of greater than $500,000 and perpetual futures depth above $10 million on a two-week common.
XRP has cleared all these necessities, which implies that it’s robust sufficient from a danger perspective to be thought-about as a part of USDe’s perpetual futures collateral system.
For years, XRP has maintained its standing as one of the liquid digital property available in the market. Its market capitalization, which is at $181.944 billion on the time of writing, has grown massively up to now 12 months. This has seen it climbing in market cap ranks, and it’s now sitting behind solely Bitcoin and Ethereum.
Past the numbers, XRP’s deep order books and global trading presence in exchanges in America, Europe, and Asia permit it to deal with massive transactions with out disrupting worth stability. This degree of liquidity and depth makes XRP a perfect candidate for integration into USDe, which has already been minting a whole bunch of thousands and thousands of {dollars} weekly. As an example, data shows that USDe mints had been in extra of 670 million over the previous week.
What Does This Imply For XRP?
In response to Ethena, XRP, alongside HYPE, has solely met all of the thresholds and is a candidate for onboarding shortly. Solely BNB has been accepted as the primary new eligible asset for the perpetual futures portion of the collateral backing of USDe.
If Ethena formally onboards XRP for onboarding, it might grow to be an essential growth of XRP’s utility. It may not be the replace anticipated by XRP holders, however this growth might open a brand new chapter within the cryptocurrency’s utility and adoption.
Concurrently, Ripple’s US dollar-pegged RLUSD, has had its personal success within the stablecoin market. Up to now, RLUSD has crossed a market capitalization of roughly $680 million inside its first seven months and continues to develop. Furthermore, Ripple is extending RLUSD’s world presence by partnering with SBI VC Commerce to convey it to the Japanese market by early 2026.
On the time of writing, XRP is buying and selling at $3.02, up by 6.5% in the previous 24 hours.
Featured picture from Virtune, chart from TradingView
