Ripple has successfully incorporated its USD-backed stablecoin, RLUSD, into its primary payments platform, Ripple Payments.
The initiative aims to enhance the efficiency of cross-border payments and broaden the utility of RLUSD among financial institutions, as detailed in a recent update.
Since its debut in December 2024, RLUSD has approached a market capitalization of $250 million, with an impressive total trading volume of $10 billion.
Cross-border payments
Ripple Payments facilitates transactions totaling billions of dollars, and the integration of RLUSD further enhances its capabilities in the realm of cross-border transactions.
Various payment providers, including BKK Forex and iSend, are already utilizing RLUSD to streamline their treasury operations and improve settlement processes.
Ripple is committed to gradually increasing the role of RLUSD in payment systems, leveraging its extensive global payout network. Unlike many stablecoins that cater to retail users, RLUSD is specifically designed for enterprise-level applications, ensuring compliance and liquidity for businesses involved in international transactions.
Jack McDonald, Ripple’s Senior Vice President of Stablecoins, emphasized the impressive growth of RLUSD, noting its rising use as collateral in both cryptocurrency and traditional finance sectors.
“New exchanges are continuously adding RLUSD to their listings, and we are actively collaborating with NGOs to enhance charitable giving through stablecoins,” McDonald commented.
RLUSD on Kraken
RLUSD is making headway across prominent cryptocurrency exchanges. After being made available on LMAX Digital, Zero Hash, Bitstamp, and Bullish, the stablecoin is now live on Kraken, enhancing access for both retail and institutional participants.
Engineered for enterprise-level financial applications, RLUSD facilitates instant cross-border settlements, improves liquidity for remittances, integrates seamlessly with DeFi protocols, and can serve as collateral for trading tokenized real-world assets.