Ripple widens 'stablecoin territory'…Expands partnerships in Africa

JOON HYOUNG LEE

Summary

Ripple said it has signed stablecoin partnerships with African cryptocurrency exchange VALR, Yellow Card, and payments firm Chipper Cash.
It said it plans to expand support for RippleUSD (RLUSD) to African financial institutions and to expand its own stablecoin business globally.
RippleUSD recently surpassed a market capitalization of $700 million, which it said demonstrates demand for a dollar-based stablecoin that prioritizes regulatory compliance.

XRP issuer Ripple is stepping up its push into the African stablecoin market.

Ripple said on the 4th (local time) that it had signed stablecoin partnerships with three parties: African cryptocurrency exchange VALR, Yellow Card, and local payments firm Chipper Cash. Through these partnerships, Ripple plans to expand support for its own stablecoin RippleUSD (RLUSD) to African financial institutions.

Ripple intends to expand its own stablecoin business globally. Jack McDonald, Ripple's senior vice president for the stablecoin division, said, "Demand for RippleUSD from customers and major institutions worldwide is increasing," adding, "We recently added RippleUSD to Ripple Payments to broaden the range of stablecoins available for cross-border payment solutions." Ripple Payments is Ripple's cryptocurrency payment system.

Meanwhile, RippleUSD was launched at the end of last year and recently surpassed a market capitalization of $700 million. Ripple said, "(RippleUSD's market cap) shows the demand for a dollar-based stablecoin that prioritizes regulatory compliance."

XRP

RLUSD