Ripple has unveiled the incorporation of its stablecoin, RLUSD, into its international payments platform, Ripple Payments. This strategic initiative comes as stablecoins are increasingly making waves in the financial realm. Ripple made its entry into this fierce market in December after obtaining regulatory approval from the New York Department of Financial Services (NYDFS).
Jack McDonald, Ripple’s senior vice president of stablecoins, remarked that RLUSD’s expansion has surpassed internal forecasts. The company is also partnering with non-governmental organisations (NGOs) to investigate the application of stablecoins for humanitarian aid distribution.
Clients of Ripple Payments, including cross-border payment facilitators like BKK Forex and iSend, are already leveraging RLUSD to improve their treasury functions. The company intends to extend the reach of the stablecoin to more payment partners.
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Additionally, cryptocurrency exchange Kraken has recently included RLUSD on its platform, following earlier listings on LMAX and Bitstamp. Since its debut, RLUSD has reached a market capitalisation of $244 million, reflecting an 87% rise over the past month, with a monthly transfer volume hitting $860 million, according to rwa.xyz data.
McDonald stressed that RLUSD’s adoption cuts across various financial sectors, underscoring the stablecoin’s potential for more extensive uses.