Ripple Labs is advancing its stablecoin, RLUSD, as another top crypto exchange has announced its plans to list the token. BitMEX teased this update on X on May 19, indicating that the listing is coming soon. Months since its launch, the stablecoin has gained a related listing, contributing to its growth on the broader market.

RLUSD stablecoin on BitMEX

The growth of RLUSD stablecoin is exponential, with many of its biggest listings coming this year. As reported earlier by U.Today, Gemini exchange announced the listing of Ripple USD earlier this month, opening access to the token for millions of users worldwide.

Despite the BitMEX teaser, the exact launch timeline remains unknown. However, the community is already hyped about the prospects and what it will mean for the stablecoin.

At the moment, the payment token has a circulating supply of 312.94 million and regularly sees impressive trading volume boosts. Per data from CoinMarketCap, RLUSD stablecoin currently has a $94.42 million volume, up by over 86% in the past 24 hours.

With the BitMEX listing, the demand for the stablecoin is bound to skyrocket, setting it up for another major supply boost.

Ripple USD minting and utility

Over the past few months, the blockchain payments firm has always conducted targeted minting and burning of the RLUSD token. This has helped regulate its supply in line with market demand on a regulated basis.

As the company has maintained this minting and burning schedule, it has also kept up with driving the utility of the asset. It has continued to ink new partnerships that can help drive the demand for the token among both retail users and institutions.

In earlier reports, the company’s CEO, Brad Garlinghouse, has called for proactive stablecoin regulation in the United States. If achieved, this will help guide Ripple's push for dominance in the fast-growing stablecoin ecosystem.