$12-Billion Stablecoin Issuer Says XRP Is Ready | Crypto News
XRP is now on the verge of being built-in into the backing of USDe, the $11.8-billion stablecoin issued by Ethena Labs. The company’s risk committee lately confirmed that XRP has handed all thresholds required under its newly launched Eligible Asset Framework, which places it alongside BNB and HYPE as top candidates for onboarding.
XRP’s huge liquidity, its market capitalization of over $181 billion, and daily trading volumes comfortably above $10 billion now see it prepared to take on a new function in the USDe ecosystem.
Ethena’s Eligible Asset Framework
Ethena Labs, the company behind the USDe stablecoin, lately launched the Eligible Asset Framework as a formalized system to broaden the collateral choices backing USDe. According to an announcement, the framework is based on particular thresholds that property must meet before gaining approval.
These thresholds embrace sustaining over $1 billion in average open curiosity across two weeks, daily spot trading volumes above $100 million, and perpetual futures quantity exceeding $100 million per day. Liquidity necessities are also included, such as a spot order guide depth of more than $500,000 and perpetual futures depth above $10 million on a two-week average.
XRP has cleared all these necessities, which implies that it’s strong enough from a risk perspective to be thought-about as half of USDe’s perpetual futures collateral system.
For years, XRP has maintained its standing as one of the most liquid digital property in the market. Its market capitalization, which is at $181.944 billion at the time of writing, has grown massively in the past yr. This has seen it climbing in market cap ranks, and it’s now sitting behind only Bitcoin and Ethereum.
Beyond the numbers, XRP’s deep order books and global trading presence in exchanges in America, Europe, and Asia permit it to deal with large transactions without disrupting price stability. This degree of liquidity and depth makes XRP an best candidate for integration into USDe, which has already been minting a whole bunch of thousands and thousands of {dollars} weekly. For occasion, data reveals that USDe mints had been in extra of 670 million over the past week.
What Does This Mean For XRP?
According to Ethena, XRP, alongside HYPE, has only met all the thresholds and is a candidate for onboarding shortly. Only BNB has been accepted as the first new eligible asset for the perpetual futures portion of the collateral backing of USDe.
If Ethena formally onboards XRP for onboarding, it might turn out to be an important growth of XRP’s utility. It won’t be the update anticipated by XRP holders, but this development may open a new chapter in the cryptocurrency’s utility and adoption.
Simultaneously, Ripple’s US dollar-pegged RLUSD, has had its own success in the stablecoin market. So far, RLUSD has crossed a market capitalization of roughly $680 million within its first seven months and continues to grow. Moreover, Ripple is extending RLUSD’s global presence by partnering with SBI VC Trade to deliver it to the Japanese market by early 2026.
At the time of writing, XRP is trading at $3.02, up by 6.5% in the past 24 hours.
Featured image from Virtune, chart from TradingView
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