Ripple’s U.S. dollar–backed stablecoin, RLUSD, officially began spot trading on Bybit, one of the largest crypto exchanges, on September 28, marking a major step in its adoption by both institutional and retail investors.

RLUSD’s Trading Pairs and Cross-Chain Functionality

Bybit users can now trade RLUSD against multiple pairs, including RLUSD/USDT and BTC/USD. RLUSD operates on both Ethereum (ETH) and the XRP Ledger (XRPL), offering built-in cross-chain functionality.

As of launch, RLUSD boasts a market capitalization of $741 million, ranking 94th among all cryptocurrencies.

RLUSD’s Institutional Demand Fuels Exchange Listing

The Bybit listing comes at a time when institutional adoption of RLUSD is accelerating. Industry reports note that crypto exchanges are closely monitoring the growing flow of capital from large investors into stablecoins.

Compatibility with Ethereum expands RLUSD’s integration across DeFi protocols, strengthening its use cases. Beyond this, RLUSD is pushing into the tokenized U.S. Treasuries market. Through Securitize, it can be exchanged with financial giants’ products like BlackRock’s BUIDL and VanEck’s VBILL.

These partnerships bolster liquidity and credibility, with Ripple’s XRP open interest recently surpassing $1 billion, adding further momentum.

RLUSD From Niche to Mainstream Use

Analysts see the Bybit debut as a turning point, shifting RLUSD from a niche product to a mainstream trading and settlement asset. Its applications range from payments and hedging to institutional settlement.

For users seeking a USD-pegged asset on XRPL, RLUSD provides new accessibility. However, the availability of trading pairs may vary by jurisdiction due to local regulations.

The launch also comes amid surging interest in real-world asset (RWA) tokenization, positioning RLUSD as a new competitor in this rapidly expanding sector.

While Ripple still faces regulatory challenges and regional restrictions, the Bybit listing underscores a strategic step toward broader market penetration.