Ripple is expanding its stablecoin payments platform for banks and fintechs, aiming to reduce the need to park money overseas and speed up cross-border transactions.
Ripple Payments, the company’s global payments platform that connects financial institutions to blockchain-based settlement rails, has been upgraded to support a broader stablecoin workflow, including collection, custody, conversion and payout, the San Francisco-based company announced on Tuesday.
The move positions Ripple to compete more directly with legacy payment providers, as it is designed to reduce reliance on pre-funded accounts and traditional correspondent banking networks, which can tie up capital and delay cross-border transactions.
The privately held fintech is valued at $17.7 billion, according to pre-IPO shares platform Forge Global.
Source: RippleRipple Payments is live in more than 60 markets and has processed over $100 billion in transaction volume to date. The company cited Switzerland’s AMINA Bank, Brazil’s Banco Genial, Malaysia’s ECIB and Philippines-based AltPayNet as examples of companies participating in the network.
Ripple said the expansion builds on its recent acquisitions of custody and treasury automation company Palisade, and Rail, a platform that enables customers to hold and exchange fiat and stablecoins. Ripple acquired Rail last August for $200 million.
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The expansion comes as Ripple continues to expand its stablecoin payment services, alongside deeper integration of its dollar-pegged token, Ripple USD (RLUSD).
RLUSD accounts for a small but growing share of the global stablecoin market, with a circulating supply of about $1.5 billion.
RLUSD market cap. Source: CoinMarketCapRegulatory momentum has accompanied that growth. In December, the US Office of the Comptroller of the Currency conditionally approved national trust bank charters for Ripple’s planned Ripple National Trust Bank, as well as for other crypto companies, including Circle, BitGo, Paxos Trust Company and Fidelity Digital Assets.
If finalized, the charters would allow Ripple and its peers to manage assets and stablecoin reserves under federal oversight, though it would not authorize deposit-taking or lending, as traditional banks do.
The expansion also coincides with ongoing discussions in Washington, DC, around a US crypto market structure bill, where lawmakers and industry groups are negotiating how stablecoins should be regulated.
Ripple’s chief legal officer, Stuart Alderoty, attended a February meeting at the White House with other crypto and banking representatives to discuss the legislation’s stablecoin provisions, underscoring the company’s involvement in shaping emerging regulatory frameworks.
Related: Barclays probes blockchain for banking functions like payments, deposits: Report
Source: https://cointelegraph.com/news/ripple-expands-institutional-stablecoin-payments-platform?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
