XRP is poised for a significant leap as Ethena Labs, the issuer of the $11.8 billion USDe stablecoin, prepares to integrate the digital asset into its system. Following a rigorous evaluation by Ethena’s risk committee, XRP met all necessary criteria outlined in the company’s newly minted Eligible Asset Framework, positioning it alongside BNB and HYPE as prime candidates for future onboarding.
Ethena’s Eligible Asset Framework: A Closer Look
Ethena Labs has taken a strategic step by unveiling the Eligible Asset Framework, a meticulously designed protocol aimed at broadening the collateral base for its stablecoin, USDe. This framework sets exacting standards, demanding assets maintain an average open interest exceeding $1 billion over two weeks, with daily spot and perpetual futures trading volumes surpassing $100 million each. Liquidity is paramount, with spot order book depth required to be above $500,000 and perpetual futures depth above $10 million on a bi-weekly average. XRP, with its formidable liquidity, has successfully ticked all these boxes.
Over recent years, XRP has solidified its reputation as one of the crypto market’s most liquid assets. With a market capitalization soaring past $181 billion and daily trading volumes comfortably exceeding $10 billion, XRP’s liquidity and stability make it an exceptional fit for USDe’s collateral system. Its presence across major exchanges in the Americas, Europe, and Asia further underscores its capacity to handle substantial transactions without triggering significant price shifts. This aligns with broader market trends, as highlighted in our recent coverage of Bitcoin, Ethereum, XRP Flat as ‘Dry Powder’ Builds in Stablecoins.
The Ripple Effect on XRP’s Utility
While XRP holders might have anticipated different updates, Ethena Labs’ potential onboarding of XRP marks a pivotal moment in the asset’s trajectory. If integrated, XRP would expand its utility within the USDe ecosystem—an ecosystem already witnessing substantial activity, with minting figures surpassing $670 million in the last week alone. This development could catalyze a broader adoption and utilization of XRP, amplifying its role in the crypto landscape.
As of now, BNB stands as the solitary approved asset for the perpetual futures collateral backing of USDe. However, with XRP and HYPE meeting all the necessary thresholds, their formal inclusion seems imminent. Industry analysts speculate that this move could significantly enhance XRP’s market presence, possibly leading to increased interest and investment.
Ripple’s Parallel Endeavors
While Ethena Labs navigates XRP’s integration, Ripple continues to make waves with its own stablecoin, RLUSD. Having achieved a market cap of approximately $680 million in just seven months, RLUSD is carving a niche in the stablecoin arena. Ripple’s strategic partnership with SBI VC Trade is set to introduce RLUSD to the Japanese market by early 2026, signaling Ripple’s commitment to expanding its global footprint. This expansion reflects a broader trend in the stablecoin market, as discussed in our analysis of how Stablecoins, Tokenization Put Pressure on Money Market Funds.
As the crypto community digests these developments, XRP trades at $3.02, marking a 6.5% uptick over the past day. This price movement reflects a burgeoning confidence in XRP’s future prospects, despite the inherent volatility of the cryptocurrency markets.
What Lies Ahead?
The proposed integration of XRP into the USDe framework raises intriguing questions about the future dynamics of the cryptocurrency market. Will this move spur further collaborations between stablecoin issuers and digital assets? And can XRP sustain its newfound momentum and translate it into long-term gains? As these questions linger, the crypto world watches closely, awaiting the next chapter in this unfolding narrative.
In an industry where change is the only constant, XRP’s potential onboarding into USDe’s ecosystem is a testament to the evolving nature of cryptocurrencies. As key players like Ethena Labs and Ripple continue to innovate, the boundaries of digital finance are poised to be pushed even further.
Source
This article is based on: $12-Billion Stablecoin Issuer Says XRP Is Ready For Integration And Onboarding
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
