Ripple Enhances Cross-Border Payments with Stablecoin Integration
On Wednesday, Ripple, a leading enterprise-focused blockchain service intricately linked to the XRP Ledger (XRP), announced the successful integration of its stablecoin into its cross-border payment infrastructure. This strategic move aims to significantly enhance the adoption of Ripple USD (RLUSD).
Several of Ripple’s payment customers, including notable cross-border payment providers such as BKK Forex and iSend, are already leveraging the advantages of the stablecoin to optimize their treasury operations. Ripple has ambitious plans to broaden the availability of RLUSD, allowing more payment customers to benefit from its capabilities.
In addition to its integration into Ripple’s payment system, the crypto exchange Kraken has recently added RLUSD to its trading platform, following its listings on prominent exchanges like LMAX and Bitstamp.
Ripple made its entry into the burgeoning stablecoin market with a cryptocurrency backed by short-term U.S. government bonds, having received regulatory approval from the New York Department of Financial Services back in December.
Since its launch, RLUSD has achieved an impressive market capitalization of $244 million, reflecting a remarkable growth rate of 87% over the past month. Data from rwa.xyz indicates that the stablecoin reached a monthly transfer volume of $860 million. Jack McDonald, Ripple’s senior vice president of stablecoins, remarked that the growth of RLUSD is “outpacing our internal projections,” highlighting its adoption across various financial sectors. Furthermore, Ripple is actively collaborating with non-governmental organizations (NGOs) to explore innovative uses of stablecoins for more efficient distribution of aid.
