Ripple’s RLUSD Stablecoin Expands to African Institutions

Ripple has expanded access to its USD-backed stablecoin RLUSD to African institutions through partnerships with Chipper Cash, VALR, and Yellow Card.

Ripple’s expansion into Africa marks a significant step in strengthening cross-border payment solutions on the continent, leveraging its USD-backed stablecoin RLUSD to meet strong institutional demand.

The official expansion sees Ripple partnering with key players such as Chipper Cash, VALR, and Yellow Card. These collaborations reflect Ripple’s strategy to offer a regulated stablecoin for payments, liquidity, and tokenization, addressing the growing demand in Africa.

“RLUSD has quickly become established in enterprise financial use cases, from payments to tokenization to collateral in both crypto and traditional trading markets. We’re seeing demand for RLUSD from our customers and other key institutional players globally and are excited to now begin distribution in Africa through our local partners” – Jack McDonald, SVP of Stablecoins, Ripple, Ripple Press Release

The immediate effects of this expansion could lead to increased liquidity and financial inclusivity within the African market. By providing a stable digital dollar, RLUSD could challenge existing solutions like USDT.

Financial and business implications seem significant, with RLUSD’s market cap now exceeding $700 million. The stablecoin operates on both Ethereum and the XRP Ledger, indicating substantial on-chain activity and a robust Total Value Locked (TVL).

Potential outcomes of this move include enhanced financial environments in African economies and increased competition within the stablecoin market. Historical precedents, such as the growth of USDT in Africa, suggest a positive trend for RLUSD.