Ripple Incorporates RLUSD Stablecoin in Global Payment Framework
Ripple USD's market valuation surged to $244 million since its introduction, marking an 87% increase in the last month.
Overview
Ripple, a blockchain service focused on enterprises, announced the integration of its stablecoin, RLUSD, into the cross-border payment system, Ripple Payments, in a bid to enhance its adoption.
Key Details
- Since its launch in December, RLUSD has obtained regulatory approval from the New York Department of Financial Services (NYDFS).
- The stablecoin’s adoption is reportedly surpassing internal projections with the assistance of non-governmental organizations (NGOs) for aid distribution, according to Ripple’s stablecoin chief Jack McDonald.
Ripple Payments Implementation
Selected Ripple Payments clients, including BKK Forex and iSend, are already leveraging RLUSD to streamline their treasury functions. Additionally, crypto exchange Kraken has recently added RLUSD to its offerings, joining platforms like LMAX and Bitstamp.
Market Performance
As of now, RLUSD’s market capitalization has escalated to $244 million with a monthly transfer volume hitting $860 million. McDonald highlighted that the growth trajectory of RLUSD is significantly exceeding their forecasts, indicating strong interest across diverse financial sectors.
