XRP, one of the largest altcoins, has experienced significant declines from its peak, but Ripple aims to solidify its leading position in the blockchain ecosystem.
At this point, Ripple is expanding its corporate digital asset services by forging new partnerships to continue its global growth.
Accordingly, Ripple announced two separate partnerships today. First, Ripple announced that it is expanding its collaboration with Robinhood. With this move, Ripple aims to bring together its RLUSD stablecoin, corporate finance services, and treasury management solutions on the same financial infrastructure.
RLUSD’s Use Cases Are Expanding!
Ripple and Robinhood announced today that they are expanding their strategic partnership. Ripple’s US dollar-pegged stablecoin, RLUSD, will play a significant role in Robinhood’s digital asset ecosystem, serving both individual and institutional users. RLUSD is available on Robinhood Chain and Bitstamp platforms; it is expected to be added to Robinhood’s main app before the end of the year.
“Ripple USD (RLUSD) will be a key stablecoin in Robinhood’s digital asset ecosystem, expanding RLUSD access for both individual and institutional use.”
RLUSD is currently traded on Robinhood Chain and Bitstamp by Robinhood, and is expected to be available on the Robinhood app later this year.
Robinhood will use RLUSD on XRPL for institutional payments, expanding the stablecoin’s use case to Bitstamp by Robinhood’s growing institutional business.
According to the announcement, as part of the partnership, Robinhood will use Ripple Treasury infrastructure to modernize its global financial operations. The system will encompass cash and liquidity management, cash flow forecasting, payments, and risk management.
BNY Partnership Expanded!
Secondly, Ripple announced that it has expanded its partnership with BNY and its XRPL-based trade finance business. Accordingly, Ripple has begun supporting institutional-level custody of XRP and RLUSD. Specifically, Ripple stated that it plans to expand its existing partnership with BNY into the realm of custody and tokenized trade finance, integrating BNY’s institutional-level financial infrastructure with the RLUSD stablecoin, XRP, and XRPL.
Ripple also stated that it will work with the institutional working capital platform C2FO to create an XRPL-based trade finance payment system. With this initiative, Ripple plans to integrate RLUSD payments into C2FO’s “Instant Payment” service. The goal is to allow suppliers, who previously had to wait 30 to 90 days for payment, to receive their funds in seconds.
*This is not investment advice.
Continue Reading: Ripple Makes New Moves for the XRP Ecosystem: Two Major Partnerships Announced!