Ripple has integrated its newly launched stablecoin into its primary cross-border payments system.
Introduced in December, the enterprise-grade, USD-denominated RLUSD stablecoin is approaching a market capitalization of $250 million, with trading volumes nearing $10 billion. Jack McDonald, SVP of stablecoins at Ripple, stated, “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 traditional finance trading markets.”
Now, Ripple has enabled RLUSD for cross-border payments in Ripple Payments. The company asserts that, in contrast to many stablecoins aimed primarily at retail users, RLUSD incorporates built-in global enterprise utility to enhance the speed and efficiency of cross-border transactions. The stablecoin is currently being utilized by select customers, including cross-border payment providers BKK Forex and iSend, to streamline their treasury operations.