Ripple Partners With Robinhood to Expand Use of Dollar Stablecoin RLUSD

Ripple has partnered with Robinhood to broaden the use of its U.S. dollar stablecoin, RLUSD.

CNBC reported on October 27 that Ripple and Robinhood will use RLUSD for institutional trade settlement while expanding Robinhood's treasury automation and digital-asset trading and financing services. Bitstamp, the global cryptocurrency exchange Robinhood acquired last year, is also part of the partnership.

Johann Kerbrat, general manager of Robinhood Crypto, told CNBC in a statement that Bitstamp and Robinhood will use RLUSD for institutional settlement, Ripple Treasury for treasury management and Ripple Prime for financing. "This is what a connected global financial system looks like," he said.

Ripple President Monica Long said stablecoins have evolved from crypto trading tools into core financial infrastructure. She said that is evident in the growing integration of stablecoins across everything from corporate payments to capital markets. The partnership goes beyond a simple transaction and fundamentally changes how money is moved and managed, she added.

RLUSD is also slated to be listed on Robinhood's trading platform and is currently tradable on Bitstamp and Robinhood Chain. RLUSD's market capitalization has surpassed $2.5 billion. Still, Tether's USDT and Circle's USDC continue to dominate the market, and the overall stablecoin market exceeds $300 billion.