An enterprise-focused blockchain service closely associated with the XRP Ledger (XRP) announced on Wednesday the integration of its stablecoin into the company’s cross-border payment system, aiming to enhance the adoption of Ripple USD (RLUSD).
Selected customers of Ripple Payments, including cross-border payment providers BKK Forex and iSend, are already utilizing the stablecoin to optimize their treasury functions, according to the company. Ripple has plans to broaden the token’s accessibility for its payment clients.
Additionally, crypto exchange Kraken has added RLUSD to its trading platform, following its recent listings on LMAX and Bitstamp.
After receiving regulatory clearance from the New York Department of Financial Services in December, Ripple ventured into the burgeoning stablecoin sector with this short-term U.S. government bond-backed cryptocurrency.
Since its launch, RLUSD has achieved a market capitalization of $244 million, marking an 87% growth over the past month and reaching a monthly transfer volume of $860 million, as per data from rwa.xyz.
Jack McDonald, senior vice president of stablecoins at Ripple, stated that RLUSD’s growth is “exceeding our internal projections,” with adoption occurring across various financial sectors. He also mentioned that Ripple is collaborating with NGOs to explore stablecoins for more efficient distribution of aid.