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Ethereum
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Ethereum Sharp Exchange Outflows Sparks A Historic Supply Squeeze, Here’s What It Means

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In a sudden upside move, Ethereum has strongly reclaimed above the $4,300 price mark as bullish sentiment gradually returns to the crypto market. At the same time, a massive amount of ETH has been observed leaving centralized crypto exchanges, which has led to one of the most crucial moments for the leading altcoin in the ongoing bull market cycle.

Unprecedented Supply Shock For Ethereum Looms

With the price of Ethereum recovering sharply once again, the bullish sentiment and action of investors on crypto exchanges have intensified. Alphractal, an advanced investment and on-chain data analytics platform, revealed that Ethereum is undergoing one of its most dramatic supply movements to date, as large quantities of ETH continue to flee centralized exchanges at an accelerating pace.

According to the on-chain platform, the persistent withdrawal of ETH has created a historic supply squeeze. This is due to the fact that the quantity of ETH leaving crypto exchanges is now above the ability to accumulate more for the first time in history.

The record-breaking supply squeeze demonstrates an increasing tendency among investors to prioritize long-term holding and staking over active trading. As a result, there is a decrease in the available liquidity in the market.

In recent months, the data shows that billions of dollars worth of ETH have been withdrawn from crypto exchanges, regardless of whether you look at Netflow in ETH or USD value. 

Despite the massive withdrawal, Alphractal highlighted that the Exchange Flux Balance is what truly sticks out. The Exchange Flux Balance is a crucial metric that gauges the cumulative net flow of exchanges.

Source: Chart from Alphractal on X

It is worth noting that high values on this metric suggest that inflows are outperforming outflows and that exchanges are increasing their reserves. Meanwhile, low or negative values indicate that exchanges do not have the capacity to accumulate enough, hence creating a supply squeeze.

Currently, this metric has gone negative for the first time ever, indicating strong institutional and public demand for ETH. Simply put, Ethereum is experiencing the strongest market maker interest since its launch, a structure that might flare up the market soon.

ETH Closed Q3 On A Very Bullish Note

As Q4 of 2025 kicks off, speculations are whether this quarter will be just as bullish as the recently finished Q3. Data from leading crypto researcher and analytics platform CryptoRank reveals that ETH experienced a very positive Q3, recording about 66.7% price gain.

According to the platform, Q3 of 2025 was a breakout quarter for the altcoin, as it finally broke past its previous all-time high and exhibited strong upside action. One of the major factors that fueled this surge is the US legislative moves, which consistently pushed stablecoins and DeFi into the mainstream.

Naturally, Ethereum became one of the major beneficiaries of this regulation change because the leading blockchain continues to be the foundation layer for both stablecoins and DeFi activity. With ETH witnessing a more bullish Q4 in the last 10 years, it is possible that this quarter could end on a positive note.

ETH trading at $4,373 on the 1D chart | Source: ETHUSDT on Tradingview.com

Featured image from Getty Images, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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Nearly $1 Billion in Ethereum Lands on Crypto Futures Exchange
Crypto Trends

Nearly $1 Billion in Ethereum Lands on Crypto Futures Exchange

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The Ethereum derivatives market has seen a notable surge in whale activity as prices post massive increases. 

On Wednesday, October 1, an unknown wallet transferred a massive 198,289 ETH ($852.4 million_ to crypto futures and options exchange Deribit, according to data from on-chain tracking platform Whale Alert.

The large Ethereum transfer, which occurred in a single transaction, has raised eyebrows as it came at a time when the crypto market experienced a broad resurgence in the prices of leading cryptocurrencies, including Ethereum. The surge in activity spans across the Ethereum derivatives market, with whales making big moves.

Although the nature of the transaction was not specifically stated, market watchers have perceived the move to be bearish for Ethereum, suggesting that the whale might be preparing to sell.

What are Ethereum whales up to?

While subsequent Ethereum transfers involving major ETH withdrawals to the same exchange were spotted a few minutes after the initial deposit, the move has already stirred discussions across the crypto community.

Many commentators have speculated that the move might be an institutional attempt to reposition holdings or a hedging strategy. Others believe the whale could be preparing for a large-scale selloff.

Meanwhile, with Deribit being a renowned cryptocurrency options and futures exchange, the move suggests that the large Ethereum holder may have committed its funds to derivatives contracts in a bid to manage risk exposure.

Although Ethereum is currently trading on the bullish side, the sudden inflow of nearly $1 billion worth of ETH could mean that whales are gearing up for heightened volatility amid the market rebound.

Just one day into the “Uptober” season, Ethereum has already seen its price surge by over 5%, sitting at around $4,329 as of press time.

Source: CoinMarketCap

Notably, the regulatory clarity currently facing the crypto market has continued to attract institutional interest in the space. Hence, investors have shown little concern over the high-volume ETH deposits, anticipating higher price surges for Ethereum in the new month.



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Coinbase’s (COIN) Bitcoin-Backed Loans Surpass $1B as Exchange Prepares to Lift Borrowing Cap
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Coinbase’s (COIN) Bitcoin-Backed Loans Surpass $1B as Exchange Prepares to Lift Borrowing Cap

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Coinbase (COIN) said its bitcoin-backed loan program has surpassed $1 billion in originations since launching in January, underscoring growing demand for crypto as collateral.

The exchange currently offers retail customers in the U.S. the ability to borrow cash against BTC$114,258.31 holdings through the on-chain Morpho platform. A spokesperson said the average loan size sits at $54,000 but noted the firm plans to raise its borrowing cap from $1 million to $5 million in the coming weeks.

“We do see some users borrowing up against the current $1 [million] loan limit, and are excited to meet their needs, as well,” the spokesperson said. “We work closely with the Morpho team to ensure that we maintain steady liquidity in the onchain loan protocol as we roll out to more customers with larger loans.”

The product caters to customers looking to access cash without selling their bitcoin, a use case that mirrors how homeowners tap equity or how businesses leverage equipment. Coinbase said top applications include debt consolidation, covering large unexpected expenses such as medical bills or taxes, investing in real estate, and making high-cost purchases.

The move comes as the asset-based lending industry continues to expand. A July report projected the market could reach $1.3 trillion by 2030, reflecting broader interest in loans secured by assets beyond traditional real estate or vehicles.

By pushing the ceiling higher, Coinbase is positioning itself to serve wealthier clients and investors who may want to borrow against larger bitcoin holdings.

The milestone highlights the steady integration of crypto into conventional financial practices.



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Mysterious Cardano Whale Empties Major US Exchange for 67,926,042 ADA
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Mysterious Cardano Whale Empties Major US Exchange for 67,926,042 ADA

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Whenever a big exchange outflow hits the blockchain, the crypto crowd jumps right into theories. This time, it is Cardano’s turn in the spotlight: 67,926,042 ADA, worth more than $54 million, just left Coinbase and went into a wallet that already had billions of ADA, according to Whale Alert. 

This address does not look like a random trader but more like a vault built to keep coins locked away from the noise of day-to-day speculation.

The transfer was split into two parts, with the larger part going to a single enterprise-type address that now has over 4.19 billion ADA. 

That is a balance so big it eclipses entire staking pools. Interestingly, this wallet does not delegate at all, meaning none of those coins is generating staking yield.

Cardano season

This address has been active since March 2021, has run through 1.7 million transactions and continues to stay active but always outside the staking system, which adds another layer of mystery because anyone holding that much ADA could be pulling in serious returns if staking were the goal, yet the owner chooses the opposite.

The market usually sees exchange outflows as a good sign because they reduce the amount of coins available, but the fact that so many coins are in the hands of a few big investors keeps making people wonder how decentralized Cardano ownership really is.

With ADA trading at around $0.80, now might be a great time for speculators to start talking about a “Cardano season” in the background, whether or not the whale ever speaks.



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What Is Aster? The Decentralized Exchange on BNB Chain That’s Taking on Hyperliquid

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Decentralized exchange Aster has caught traders’ attention thanks to its eye-watering 1,001x leverage options, support from Binance co-founder Changpeng “CZ” Zhao, and a soaring token. 

Due to its focus on perpetual futures trading, Aster is considered a rival to Hyperliquid—which has been one of the most successful crypto projects of the year. During its first week, it flipped Hyperliquid in daily revenue but remained behind in terms of trading volume. 

Thanks to its explosive start, according to CoinGecko, its Aster token surged to a $3.2 billion market cap as the 50th largest cryptocurrency by market capitalization—not bad for a week’s work.



So, what exactly is Aster? What even is a perpetual future? How does Aster match up against Hyperliquid? And what’s next? Here’s a look at the popular BNB Chain exchange.

What is Aster?

Aster is a decentralized exchange that supports multiple chains, including Solana, Ethereum, and Arbitrum, but is most closely tied to BNB Chain. It specializes in perpetual futures trading, although it also offers spot trading. The project is backed by YZi Labs, the crypto investment firm of Changpeng “CZ” Zhao, who co-founded Binance.

Perpetual futures allow traders to speculate on the price of cryptocurrencies without owning the underlying asset—be it Bitcoin, Ethereum, or any other available token. Traditional futures require an expiration date, while perpetual futures do not. That said, traders still have to select if they want to short (meaning the price will drop) or long (the price will rise) the selected asset.

On top of this, perpetual futures have become closely tied to highly leveraged trades—with Aster’s max leverage set at a whopping 1,001x.

Aster exploded in popularity in September 2025, with the debut of its token that soared 2,000% in its first seven days to $3.8 billion market capitalization. At the time of writing, it has settled at a more than $3 billion market cap, which makes it the 50th largest cryptocurrency by market capitalization.

Aster vs. Hyperliquid

With its success, Aster has naturally been compared to Hyperliquid—which has established itself as the leading decentralized exchange specializing in perpetual futures.

At the time of writing, in late September 2025, Aster’s weekly trading volume sits at $3.32 billion, behind Hyperliquid at $5.39 billion. That said, according to DefiLlama, it has surpassed the rival exchange in daily revenue on multiple days since its launch.

So what’s the difference? First, Aster operates natively on four networks, lowering friction for traders to get started, while Hyperliquid has its own blockchain powering the exchange. That said, Aster does have aims to eventually launch its own layer-1 network.

Another major difference is that Aster appears to have a stronger focus on privacy, with the launch of Hidden Orders allowing for private trades to be placed. By contrast, Hyperliquid’s highly transparent model has been, in part, its strength as it caught headlines due to whales placing eye-popping bets.

However, CZ told Farokh Sarmad of Rug Radio—Decrypt’s sister company—in a video interview in May that Hyperliquid’s transparent model may not be optimal for big trades.

“The current model where everything is fully transparent may or may not be the best model,”  the Binance co-founder said. “Yeah, you can see a big whale place a $300 million short. But the guy who really wants to do a $300 million short doesn’t want you to see it.”

On top of this, Aster’s maximum leverage is a dizzying 1,001x while Hyperliquid tops out at 40x. To put that into perspective, the highest that the centralized exchange Binance offers is 20x, and you have to pass certain requirements to do so.

The future of Aster

Aster has gotten off to a hot start, but it has big plans to keep building.

A move to a dedicated layer-1 network will be the most significant change to the decentralized exchange, and will be a notable move away from BNB Chain—which is tied to Binance, which CZ co-founded.

Exact details on this move are still fairly under wraps, with Aster’s official docs simply saying “coming soon.” Aster Chain is currently in an internal testing phase, the exchange’s CEO Leonard told Cointelegraph. Leonard said it is being designed to “preserve trade privacy.”

What users are likely most excited for, though, is the possibility of an Aster airdrop. 

After its token generation event, a portion of the token supply was airdropped to those that had participated in previous airdrop campaigns. On October 17, the airdrop claim period will close and any unclaimed tokens will go back to the community rewards pool—which accounts for 53.5% of its total supply.

As such, users are anticipating another round of airdrops to take place sometime after the October claim period closes. And some traders are already attempting to farm it.

Whether you’re farming the airdrop, eagerly anticipating the new layer-1 network, or just trading with insane leverage, Aster has a lot in store for users. Whether it ultimately has the same kind of long-term impact as Hyperliquid remains to be seen, however.

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Shiba Inu (SHIB): New Anti-Record, Exchange Reserves Going to Zero
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Shiba Inu (SHIB): New Anti-Record, Exchange Reserves Going to Zero

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  • SHIB price performance
  • No fresh demand

On-chain data indicates that balances of Shiba Inu have approached 998 million USD, representing a new low in terms of SHIB’s exchange reserves and a continuing downward trend. According to this ongoing decline, tokens are gradually moving away from centralized exchanges, which is a pattern that traditionally indicates less sell pressure and possible long-term accumulation.

SHIB price performance

In terms of price, SHIB is currently trading at $0.0000117, testing critical support within a symmetrical triangle structure, and just below its moving averages. The token has been declining after several attempts to break above $0.0000140, and the break from its short-term support now raises fears of additional declines. At 37, the RSI indicates oversold conditions, emphasizing the bearish sentiment while simultaneously providing space for a technical recovery.

SHIB/USDT Chart by TradingView

The on-chain image tells the larger tale. Since early September, exchange reserves have been gradually depleting as prices have declined. Investors may be removing tokens from exchanges and moving them to decentralized wallets or cold storage, based on this decoupling. A lack of short-term active trading interest makes SHIB susceptible to low-volume volatility, even though it lessens the immediate selling pressure. Compared to the surges observed during rallies earlier in the year, trading volumes have stayed low.

No fresh demand

In the absence of fresh demand, the drop in exchange reserves may be the result of holders passively enduring market turbulence rather than actively building up. However, historically, strong recoveries after the return of buying pressure have frequently followed periods of low reserves. In order to prevent further declines toward $0.0000100, SHIB needs to stay above $0.0000110 going forward. To regain bullish momentum and exit the consolidation pattern that has characterized the previous months, a clear pushback above $0.0000130 would be necessary.

SHIB’s new anti-record in exchange reserves is a mixed signal: While less selling pressure points to long-term confidence, there is still a high chance of further price erosion in the absence of volume and a technical breakout.



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India
Crypto Trends

Indian Stock Exchange Rejects Crypto Treasury Company Listing

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The Bombay Stock Exchange (BSE) in India has reportedly rejected the public listing of Jetking Infotrain, an IT training company, on the grounds of intended capital use for crypto investment. This decision comes amid a flurry of digital asset treasury companies worldwide.

Crypto Investments Not Suitable For Publicly Raised Capital: BSE

In a report by local Indian media, Economic Times, the BSE barred Jetking Infotrain from publicly listing its shares, citing the exchange’s investment policy around cryptocurrency. On May 9, 2025, Jetking received an in-principle approval from the BSE to raise funds via a share issue. 14 days later, the company’s board approved the issuance of 396,000+ shares, raising over ₹6 crore, i.e $720,000. 

In its application with the BSE, Jetking stated the new capital would be targeted towards general corporate uses, education and skill development, and investments in virtual digital assets (VDAs). However, a significant ₹3.96 crore ($475,000), i.e, 60% of the raised funds, was targeted at crypto investments. 

It is worth noting that Jeking currently has some digital assets on its balance sheets, as Indian companies are allowed to invest in cryptocurrencies similar to mutual funds, securities, etc. However, the BSE has strongly opted against raising public capital for this purpose, as indicated by its rejection of Jetking’s listing.

A statement from a BSE spokesperson read:

We had processed the application in the normal course as per extant norms. Final approval was kept on hold to take up the issue of fund raise for investment in VDA at the policy level with the Regulator. Subsequently, as per the revised norms, a decision was taken to reject the application.

The BSE is considered the oldest Asian exchange and the second largest in India by trading volume after the National Stock Exchange of India. Notably, the recent BSE’s decision in rejecting Jetking’s public listing is likely to threaten the rise of crypto treasury companies in India. 

By virtue of their operations, crypto treasury firms such as Strategy in the US, Next Technology Holding in China, leverage their status as publicly listed companies to access capital markets, raising funds through equity or debt offerings that are subsequently deployed into digital assets.

Jetking To Appeal BSE Rejection?

Following this development, Jetking Co-Managing Director and Chief Financial Officer Siddharth Bharwani has stated the company is considering all appropriate responses to the BSE’s decision, including a potential appeal at the Securities Appellate Tribunal. 

Notably, cryptocurrencies are not illegal investments in India but are considered intangible assets in that they are not securities or legal tender. 

Total crypto market cap valued at $3.72 trillion on the daily chart | Source: TOTAL chart on Tradingview.com

Featured image from Flickr, chart from Tradingview

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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What Is Hyperliquid? The Decentralized Exchange With Its Own Blockchain

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Decentralized perpetual futures exchange Hyperliquid has gone from being a market maker to one of the biggest crypto projects in the world.

Hyperliquid has processed trillions of dollars in volume in its lifespan and is now the third-largest decentralized exchange in crypto—trailing only industry veterans PancakeSwap and Uniswap.

It has been the talk of the town in 2025, but what exactly is Hyperliquid? Why do people care so much about it? And how did it grow to be one of the biggest projects in crypto?

What is Hyperliquid?

Hyperliquid is a decentralized exchange specializing in perpetual futures trading, built atop its own dedicated layer-1 network.

Its native token HYPE has been a roaring success, rising to become a top 20 cryptocurrency by market capitalization less than a year after launching.

Why do people care about Hyperliquid?

Put simply, Hyperliquid makes it easier for traders to speculate on the price fluctuations of cryptocurrencies, thanks to low fees, a large amount of available assets—and, of course, degenerate levels of leverage.

Fees on Hyperliquid range from 0.07% for low-volume taker spot trades, all the way down to 0% for high-volume perp maker fees, per the Hyperliquid docs. Taker traders are when liquidity is removed from the market, while makers add liquidity to the market. For comparison, Uniswap applies a 0.3% fee on trades.



Much like a centralized exchange, users can place trades on most of the major coins regardless of what chain they are on. Bitcoin, Ethereum, Dogecoin, TRUMP—all tradable in one place. Hyperliquid allows traders to use leverage of up to 40x. For comparison, the maximum leverage that Binance offers is 20x, and you have to meet certain requirements to access this tier.

As a result, it has become a battleground for degenerate wars between whales and the crypto community.

Notably, in March 2025, a whale opened a 40x leveraged short position worth $521 million against Bitcoin, which led to everyday traders teaming up in an attempt to liquidate the whale. Spectators were able to watch every movement on the Hyperliquid block explorer, which openly shows a wallet’s held positions, whether it’s in profit, and its liquidation price. The whale won in this instance, dumping the position for a $3.9 million profit.

All of these factors combined have led to Hyperliquid attracting over 700,000 total users since its 2023 launch and amassing a total volume of $2.7 trillion, according to its statistics dashboard.

Hyperliquid’s origin story

Hyperliquid was entirely self-funded and was built by a team of just 11 people, founder Jeff Yan told WuBlockchain in August 2025. He said the project rejected venture capital funding because it gives a fake sense of progression; instead, the team wanted to focus on “real progress” by giving value to users—not investors.

In 2020, Yan started to trade crypto and founded a market-making company, the earliest form of Hyperliquid. Two years later, he told the When Shift Happens podcast, its high-frequency market-making offering had effectively “capped out,” as he looked to grow the project.

That’s when Sam Bankman-Fried’s centralized exchange FTX imploded by using customer funds to cover losses at his trading firm Alameda Research. When a critical mass of users sought to withdraw their funds, their money wasn’t there, and the exchange was caught with its pants down. Bankman-Fried was found guilty on seven counts of fraud, money laundering, and conspiracy, resulting in a 25-year prison sentence.

“All of a sudden, people had a real reason not to trust centralized exchanges—and it wasn’t just mumbo jumbo intellectual stuff, they literally lost all this money, and it was because of centralized exchanges,” Yan told the podcast, calling it a “light bulb moment” indicating that the world was ready for decentralized finance.

The collapse of FTX, Yan said, was the catalyst that made Hyperliquid “go all in” on building a decentralized exchange.

In February 2023, Hyperliquid’s mainnet closed alpha went live. In its first five months, it claimed to have attracted 4,000 users, with 28 different assets available to trade. It hit full mainnet in August of that same year.

Hyperliquid experienced explosive growth following its $1.6 billion airdrop in November 2024—one of the biggest crypto airdrops of all time. Armed with goodwill among traders, Hyperliquid became the talk of the town going into 2025.

It hasn’t all been smooth sailing for the platform. In December 2024, Hyperliquid attracted unwanted attention from North Korean hackers snooping for vulnerabilities. A few months later, it faced a liquidation crisis and was forced to delist a Solana meme coin when a trader made a bet so bad that the Hyperliquid Foundation would’ve been forced to cover some losses.

The incident raised concerns around how the exchange handled heavily leveraged positions—with Gracy Chen, CEO of centralized exchange Bitget, claiming it could become “FTX 2.0.”

The future of Hyperliquid

Hyperliquid has proven to be relatively drama-free since these early growing pains, and has quickly established itself as a player in the crypto space.

As of this writing, according to DefiLlama, it has the eighth largest DeFi total value locked of any layer-1 network—ahead of chains like Aptos, Avalanche, and Linea. It also processes the third-highest monthly trading volume of any decentralized exchange, per DefiLlama.

With stablecoins becoming one of the dominant narratives in 2025, the question of whether Hyperliquid would issue its own stablecoin has inevitably been the subject of intense speculation.

Hyperliquid founder Yan said in the WuBlockchain interview that the Hyperliquid Foundation, the entity that supports the development of the Hyperliquid blockchain and its ecosystem, wouldn’t issue its own stablecoin.

However, in September 2025, the foundation opened submissions for teams to issue a “Hyperliquid-aligned” stablecoin, USDH. It attracted proposals from big-name players like Ethena, Paxos, and Sky, but ultimately went to a newly formed company in Native Markets. With USDH now live and trading, Hyperliquid now has a stablecoin that has dedicated half of its revenues to a protocol-driven buy back scheme.

Now, Hyperliquid faces direct competition from the emerging Aster decentralized exchange, which is offering higher levels of leverage and has the backing of Binance co-founder Changpeng “CZ” Zhao.

At the time of publication, Hyperliquid is ahead in terms of token valuation and trading volume—but how long will that last?

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Tether (CoinDesk)
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Corporate Clients Hold Up to 15% of Assets on Mercado Bitcoin, Exchange Exec Says

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Corporate clients, mainly small and medium enterprises, account for between 10% and 15% of all assets under custody on Mercado Bitcoin, Brazil’s largest crypto exchange, according to Daniel Cunha, the firm’s head of corporate development.

“These companies barely move more than 10% of their holdings at any given time,” Cunha told CoinDesk in an interview at the exchange’s DAC 2025 conference. “They’re here to hold, not trade.”

The firms are primarily using bitcoin to protect their cash reserves from global volatility, he said, citing growing concern over inflation, currency devaluation and geopolitical instability.

The trend grew when companies like Strategy (MSTR) started adopting bitcoin as a corporate treasury asset. Strategy now holds 639,835 BTC, making it the world’s largest corporate holder of the cryptocurrency. Publicly-traded companies, as a whole, hold over 1 million BTC, but how much small and medium enterprises hold isn’t known.

Cunha did not reveal the exact figures these companies were holding on Mercado Bitcoin. Brazil has a history of cryptocurrency adoption, ranking fifth in Chainalysis’ Global Crypto Adoption Index, yet it only has one publicly-traded company holding BTC, Méliuz. OranjeBTC is set to soon list on Brazil’s B3 exchange to become the country’s largest publicly traded corporate holder of the cryptocurrency with $400 million in its treasury.

Cunha said these companies aren’t chasing yield or experimenting with altcoins, but rather are focusing on BTC and stablecoins like USDT and USDC to manage their treasuries. These holdings serve conservative, cash-management purposes rather than speculative plays.

The rise in institutional activity is also having a side effect: it’s reducing the overall volatility of crypto markets, Cunha said. That’s making bitcoin a more appealing option for treasurers, even asthe enterprise segment in Brazil is still just starting to adopt crypto.

“The big guys in Faria Lima? They’re on the sidelines,” he said, referring to the financial district in Brazil’s largest city São Paulo often compared to Wall Street. “They haven’t moved yet. It’s all waiting to happen.”



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Ripple’s Rlusd Stablecoin Is Now Available On Bybit Exchange
Crypto Trends

Ripple’s RLUSD Stablecoin is Now Available on Bybit Exchange

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Crypto exchange Bybit has confirmed the listing of Ripple’s dollar backed stablecoin RLUSD on its platform. This came shortly after BlackRock and VanEck integrated the stablecoin into their tokenized funds earlier this week.

Bybit shared that stablecoin will be available for spot trading, and will be open against USDT, Bitcoin (BTC), Ethereum ETH), XRP, and Mantle (MNT). Bybit has enabled deposits and withdrawals for RLUSD on both the Ethereum blockchain and the XRP Ledger, the two networks where the token is natively issued.

However, the  availability of these pairs will depend on jurisdictional rules, but the listing still provides traders and investors with a wider set of options to interact with the stablecoin. 

This listing places the exchange among other exchanges that have already listed, including Bullish, Uphold, Bitstamp, Moonpay, CoinMENA, ArchaxEx, and Bitso. At the moment, the stablecoin ranks as the 94th largest cryptocurrency, with a market value of $741 million.

Bybit has enabled support for RLUSD on both the Ethereum blockchain and the XRP Ledger, which remain the only two networks offering native support for the token.

A Key Off-Ramp for Tokenized Funds

Bybit’s adoption of RLUSD comes just days after Ripple partnered with Securitize to facilitate the redemption of tokenized real-world assets. Through the partnership, investors in BlackRock’s BUIDL fund and VanEck’s VBILL fund can now convert their tokenized shares directly into RLUSD.

This integration provides a crucial off-ramp, allowing institutional investors to move seamlessly between regulated, yield-bearing tokenized funds and a stable, liquid digital dollar.

Why It Matters

Bybit’s listing is a significant step for Ripple as it seeks to establish RLUSD as a major competitor in the crowded stablecoin market. For Bybit, offering RLUSD provides its users with a direct bridge to the growing ecosystem of tokenized real-world assets, particularly those being launched by major TradFi players like BlackRock.

While RLUSD has yet to be listed on other top exchanges like Binance or Coinbase, its integration into institutional-grade tokenized funds and subsequent adoption by major trading venues like Bybit position it as a noteworthy contender for future growth.

Also Read: Ethereum Whales Awakens After 8 Years, Moves $785M In ETH



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