Ripple stablecoin launches on Kraken and integrates into payments platform as its market cap nears $250 million

With the stablecoin market heating up and lawmakers in Washington D.C. seeking regulatory clarity, Ripple is eyeing added adoption for its RLUSD token.

The company said on Wednesday that besides launching its RLUSD stablecoin on the cryptocurrency exchange Kraken, it has also begun integrating the USD-pegged coin into its payment platform.

"Ripple has enabled RLUSD cross-border payments in its flagship payments solution," the company said in a statement. "RLUSD is being used in the payment flow with select customers, including cross-border payment providers BKK Forex and iSend to improve their cross-border treasury operations."

The company plans to eventually allow other customers of its payments platform to also use RLUSD. Since launching last December , RLUSD's market cap has climbed to over $240 million.

"We're seeing the market cap continue to grow," said Jack McDonald, SVP of Stablecoins at Ripple. "RLUSD is being used for a number of use cases, including use as collateral in both crypto and tradfi trading markets."

The stablecoin market has been a hot topic of discussion as not only are U.S. lawmakers gearing up to vote on stablecoin legislation Wednesday, World Liberty Financial, the DeFi project backed by President Donald Trump, is also launching its own USD-pegged token.

While globally, Tether's USDT is the clear leader in terms of adoption and use, as stablecoin use grows and regulatory clarity increases, it's becoming increasingly likely that major traditional financial institutions like Bank of America may also want to launch their own token.