Binance, the leading cryptocurrency exchange by trading volume, has officially listed RLUSD, Ripple's stablecoin, on its platform. The announcement, made on 21 January, has confirmed the opening of the RLUSD/USDT, RLUSD/U and XRP/RLUSD spot trading pairs for today, 22 January, at 08:00 UTC.
The most significant move concerns the cost structure: Binance has started trading on the RLUSD/USDT and RLUSD/U pairs with zero commissions until further notice. While this may seem like a routine announcement to a casual trader, industry experts see this decision as a potential shift in the market hierarchy that could cement RLUSD's rapid growth.
Engineering a liquidity event
Binance's strategy is not limited to mere participation, but aims for dominance. By eliminating commissions, the exchange is effectively subsidising adoption. In the past, zero-fee trading schemes have proven to dramatically alter market shares. An illustrious precedent is that of USDC: after re-listing on Binance in March 2023, its market share on centralised exchanges jumped from 60% to over 90%.
Binance acts as a catalyst that redirects value streams. If this translates into sustained net issuance, RLUSD could realistically climb the ranks to become one of the top three stablecoins in the world.
The two drivers for growth
To reach the podium, RLUSD needs to activate two strategic 'flywheels'. The first is the adoption of routing: zero commissions encourage market makers and high-frequency trading firms to offer tighter spreads, improving execution for all users.
The second is the adoption of budgeting. Capitalisation only grows if the asset is actually held. Binance is creating the ideal environment by adding RLUSD among the eligible assets for Portfolio Margin and planning its inclusion in Binance Earn, allowing users to earn returns simply by holding the token.
The numbers behind the climb
In spite of the strategic setup, the numbers gap remains considerable. Currently, RLUSD has a circulating supply of around USD1.4 billion, placing it in the top 10 but far behind leaders Tether (USDT) and Circle (USDC).
To enter the top 3 and undermine Ethena's USDe (stuck at around USD6.47 billion), RLUSD needs around USD5.1 billion in new circulation. On an annual basis, this would require net issuance of about USD 424 million per month. However, the macroeconomic winds are favourable: JPMorgan predicts that the stablecoin market could reach $2 trillion within two years, offering room for growth for new regulated players.
Institutional Infrastructure vs Retail Hype
Ripple's real strength, however, lies in its institutional infrastructure. RLUSD operates under a New York DFS licence and has received conditional approval for an OCC charter. This regulatory transparency is critical for corporate treasurers.
Moreover, with recent acquisitions of companies such as Hidden Road and Standard Custody, Ripple has built an integrated system that goes beyond crypto exchanges, embedding RLUSD into global treasury funding and management streams.
A stress test for the future
One risk remains: liquidity can be created, but lasting adoption cannot. With Binance's spot volumes down to $367 billion in December 2025 (the lowest level since September 2024), the challenge will be to transform RLUSD from a mere 'cheap binary' for trading to a solid, widely held reserve asset.
