XRP is poised for integration into USDe, the $11.8 billion stablecoin from Ethena Labs. The company’s risk committee has confirmed that XRP meets all criteria set under its new Eligible Asset Framework, placing it alongside BNB and HYPE as strong candidates for onboarding.
With significant liquidity, a market capitalization exceeding $181 billion, and daily trading volumes comfortably over $10 billion, XRP is ready to assume a new function within the USDe ecosystem.
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Ethena’s Eligible Asset Framework
Ethena Labs, the organization behind USDe, recently launched the Eligible Asset Framework as a structured approach to broaden the collateral options supporting USDe. According to their announcement, the framework requires assets to meet specific thresholds before receiving approval.
These requirements include maintaining more than $1 billion in average open interest over two weeks, daily spot trading volumes above $100 million, and perpetual futures volume surpassing $100 million each day. Liquidity conditions are also specified, such as a spot order book depth greater than $500,000 and perpetual futures depth exceeding $10 million on a two-week average.
XRP has successfully met all these standards, indicating its robustness from a risk perspective for inclusion in USDe’s perpetual futures collateral system.
For years, XRP has remained one of the most liquid digital assets available. Its current market capitalization, standing at $181.944 billion, has surged significantly over the last year, moving it up the market cap ranks to just behind Bitcoin and Ethereum.
In addition to its statistics, XRP’s robust order books and global trading presence across exchanges in the Americas, Europe, and Asia enable it to execute large transactions without causing price instability. This impressive liquidity positions XRP as an ideal candidate for incorporation into USDe, which has already been minting hundreds of millions of dollars weekly. For example, recent data indicates that USDe minting exceeded 670 million in the past week.
What Does This Mean For XRP?
Ethena has stated that XRP, along with HYPE, has satisfied all requirements and is a candidate for upcoming onboarding. Only BNB has currently been approved as the first new eligible asset for the perpetual futures collateral of USDe.
Should Ethena formally onboard XRP, it would significantly enhance XRP’s utility. While this may not be the update XRP holders anticipated, it could signal a new direction for the cryptocurrency’s utilization and acceptance.
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At the same time, Ripple’s US dollar-pegged RLUSD has also found success in the stablecoin sector. So far, RLUSD’s market capitalization has surpassed approximately $680 million within its first seven months and continues to expand. Moreover, Ripple is enhancing RLUSD’s global footprint by collaborating with SBI VC Trade to introduce it to the Japanese market by early 2026.
As of this writing, XRP is trading at $3.02, up by 6.5% in the last 24 hours.
Featured image from Virtune, chart from TradingView
