According to a new update from the firm, it has integrated the stablecoin into its flagship tech solution
American blockchain payments firm Ripple Labs has announced the integration of its stablecoin, Ripple USD (RLUSD), into its flagship tech solution, Ripple Payments. The development marks a major milestone for the stablecoin, which is specifically targeted at enterprise adoption.
According to the firm, it 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.
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 remarkable.
Considering its leaning toward the XRP ecosystem, the stablecoin has also scored a listing on Margex, adding to its list of supporting global exchanges. The adoption of the token is driving demand for it, while its regulated status in the U.S. is a positive boost.
Besides Ripple Labs, other major players in the ecosystem have also been in the news. As reported earlier by CoinGape, Circle has filed for IPO in the U.S., 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.
