Ripple, a provider of digital asset infrastructure for financial institutions, today announced that Ripple USD (RLUSD) has been integrated into Ripple’s payments solution, Ripple Payments, driving enterprise “utility and demand for the asset.”
RLUSD is described as an “enterprise-grade,” USD-denominated stablecoin created with utility, and compliance at its core – backed by Ripple’s experience working with crypto and traditional finance.
In tandem, RLUSD is reportedly nearing $250M in market capitalization, marking steady “adoption since its launch in mid-December 2024.”
Today, Ripple has enabled RLUSD cross-border payments in its flagship payments solution, which “processes billions of dollars in volume.”
Unlike many stablecoins, which are designed for retail use, RLUSD is said to have “built-in” global enterprise utility to “improve the speed and efficiency of cross-border payments.”
Ripple is combining expertise in payments, a payout network with near-global coverage, and a stablecoin “built with compliance at its core, to provide fast, low-cost and scalable cross-border payments.
Today, RLUSD is being used in the payment flow with select customers, including cross-border payment providers BKK Forex and iSend “to improve their cross-border treasury operations.”
Over time, Ripple will also “expand the use” of RLUSD for their payment customers.
RLUSD Nears $250M Market Capitalization; available now on Kraken
Since launching in December 2024, RLUSD has experienced global adoption, nearing “$250M in market capitalization and $10B in trading since launch, demonstrating demand for an enterprise-grade, compliance-first USD-backed stablecoin.”
Ripple is continuing to work with partners around the world “to make RLUSD globally available.”
In addition to partners and exchanges LMAX Digital, Zero Hash, Bitstamp, and Bullish, today RLUSD is now “available on Kraken, one of the world’s longest-standing crypto exchanges, further extending access and availability to retail users.”
Jack McDonald, SVP of Stablecoins at Rippl,e said:
“We’re seeing the market cap continue to grow, outpacing our internal projections. In short order, RLUSD is being used for a number of use cases, including use as collateral in both crypto and tradfi trading markets. New exchanges are listing RLUSD on an ongoing basis and we’re actively working with NGOs who see the opportunity to streamline giving through stablecoins. We’re additionally excited to enable RLUSD in Ripple Payments, extending the breadth of stablecoins available in our cross-border payments solution.”
RLUSD is ideal for a number of financial use cases, allowing enterprises to:
- Facilitate instant settlement of cross-border payments.
- Access liquidity for remittance and treasury operations.
- Integrate with decentralized finance (DeFi) protocols.
- Bridge between traditional fiat currencies and the crypto ecosystem, ensuring a seamless and efficient transition when entering (on-ramping) or exiting (off-ramping) the crypto space.
- Provide collateralization for trading tokenized real-world assets such as commodities, securities, and treasuries on-chain.
RLUSD aims to set the standard for stablecoins, “combining innovative functionality with the regulatory rigor and credibility of an NYDFS-issued New York limited purpose trust company.”