Bitso— the financial services company powered by crypto in Latin America—listed on its platform the “enterprise-grade” token Ripple USD (RLUSD), a stablecoin with “1:1 parity” with the US dollar, which will now aim to complement the stablecoin offer now available on Bitso throughout fast-growing region.
It will also be available for transactions via its B2B arm, the Bitso Business division, focused “on payment infrastructure for corporate clients.”
RLUSD is a dollar-denominated stablecoin, created with “trust, liquidity and compliance as guiding principles.”
Each RLUSD is backed by at least an equivalent “amount of US dollars and other cash equivalents. ”
RLUSD is designed specifically for cross-border payments.
Stablecoins are widely adopted in Latin America, mainly as an “anchor against macroeconomic fluctuations.”
Within the individual segment, they have proven to be an efficient and accessible refuge of value to “protect themselves from devaluation while receiving earnings.”
For the corporate segment, they are an excellent vehicle for remittances, cross-border payments and transactions “between countries through the blockchain.”
Daniel Vogel, CEO and co-founder of Bitso said:
“Our long-standing relationship with Ripple has allowed us to collaboratively explore innovative use cases, such as cross-border payments, where we have facilitated agile, secure and transparent transactions. We believe that this new stablecoin will greatly benefit our individual and corporate customers throughout Latin America.”
For Bitso Alpha users, the RLUSD/MXN book is available “to process Ripple USD orders.”
In turn, RLUSD can be deposited or withdrawn from Bitso “via the Ethereum blockchain as an ERC-20 token.”
As covered, Bitso is Latin America’s financial services company powered by crypto, with a community of more than 8 million customers.
Bitso offers a secure, regulated digital platform to “buy, sell, hold, earn yields and transact over 50 cryptocurrencies.”
Bitso Business is the company’s B2B segment with “over 1,700 institutional clients.”
Bitso Business provides infrastructure for cross border payments, enabling global companies to instantly pay and get “paid in local currency and move money across borders with cost-efficiency and transparency.”
Founded in 2014, with more than 500 employees in 35 different countries, Bitso is working to make crypto useful by “unlocking the power of borderless, secure and easy-to-use financial products.”
Bitso says that it remains committed to empowering the region by providing universal access to the digital economy of the future and “enabling a fairer monetary system.”