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Highlights
- RLUSD is now integrated into Ripple Payments, kickstarting its cross-border use case
- The stablecoin will now power BKK Forex and iFlow's treasury management
- Stablecoin issuers are diversifying, expanding Ripple's future potential
American blockchain payments firm Ripple Labs has unveiled a new utility push for its stablecoin, RLUSD. According to a new update from the firm, it has integrated the stablecoin into its flagship tech solution, Ripple Payments. This move has been one of the major milestones of the RLUSD stablecoins lately, with a specific target for enterprise adoption.
Ripple Labs and the RLUSD Gameplan
With the new integration, the payments firm has initiated RLUSD cross-border payments. This move will grant the stablecoin direct exposure to billions of dollars in liquidity.
According to the firm, the Ripple USD token is now available to select customers to facilitate payment flow. Per the announcement, RLUSD now helps power the payment flow of BKK Forex and iFlow.
The blockchain payments firm reiterated the use cases of the stablecoin in the new update. The company said it helps to facilitate the settlement of cross-border payments and access liquidity for remittance. While evolving, the firm confirmed its ultimate game plan to feature RLUSD in Decentralized Finance (DeFi) protocols.
The firm said its stablecoin will provide collateral for tokenized real-world assets and securities offerings in the long term.
Ripple USD Milestone and Growing Adoption
As of this writing, the stablecoin has recorded an impressive milestone in its circulating supply. According to the Ripple Stablecoin Tracker, the firm just minted another 50,000,000 RLUSD on the XRP Ledger.
After consistent Ripple USD minting, the coin has seen its market capitalization cross the $240 million milestone.
While it still has a long way to go before it catches up with ecosystem rivals like Tether’s USDT and Circle’s USDC, its growth since its launch last December is impressive. Considering its leaning toward the XRP ecosystem, the stablecoin has gained a listing on Margex, adding to its list of supporting global exchanges.
The adoption of the token is notably driving demand for it. Its regulated status in the United States is largely considered a positive boost for the stablecoin.
Stablecoin Issuers and Ecosystem Trends
Beyond the Ripple USD stablecoin, other major players in the ecosystem have been in the news lately. As reported earlier by CoinGape, Circle filed for IPO in the US, a move the USDC issuer has been planning for over a year.
Also, Tether has continued to diversify its business interests over the past few months. Tether acquired 8,888 BTC earlier this week, complementing its buy-ins into the agriculture and digital media industries.
Whether Ripple Labs will trail its rivals in this aspect remains unknown, but for now, the firm said its product fosters trust in digital currencies.
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