Fintech service Chipper Cash integrates Ripple's robust stablecoin for usage in African financial markets
Ripple, a leading digital asset infrastructure provider, has announced the expansion of its enterprise-grade USD-backed stablecoin, Ripple USD (RLUSD), to Africa through local partners, notably Chipper Cash. Since its launch in late 2024, RLUSD has experienced strong global adoption, approaching $700 million in market capitalization.
Created with a focus on trust, utility, and compliance, RLUSD is designed to drive institutional use of blockchain technology across Africa and broader global markets. The stablecoin is suitable for various enterprise financial use cases, including facilitating instant settlement of cross-border payments, accessing liquidity for remittance and treasury operations, integrating with DeFi protocols, bridging between fiat currencies and the crypto ecosystem, and providing collateralization for trading tokenized real-world assets.
Jack McDonald, SVP of Stablecoins at Ripple, expressed eagerness to make RLUSD available to Chipper Cash's clients as soon as possible. This partnership will allow retail customers and institutions in Africa to utilise RLUSD, furthering its reach and potential impact in the region.
RLUSD has been recently enabled in Ripple Payments, expanding the stablecoins available in their cross-border payments solution. The stablecoin's backing is based on Ripple's experience in both crypto and traditional finance, and it is issued as a New York limited purpose trust company by the NYDFS, emphasising its regulatory rigour and credibility. Ripple itself, through its issuance of the stablecoin RLUSD under this regulatory framework, received the NYDFS-issued New York limited purpose trust company charter in 2024 to support components of Ripple USD, such as security, utility, and compliance.
Ripple's digital asset infrastructure provides services to financial institutions, and with the expansion of RLUSD, it is poised to play a significant role in the growing African digital economy. RLUSD's positioning as a stable and compliant digital asset makes it an attractive option for businesses seeking to leverage blockchain technology for their financial operations.
In conclusion, the partnership between Ripple and Chipper Cash marks an exciting step forward for RLUSD's global adoption, particularly in Africa. As more businesses and individuals embrace digital assets, RLUSD is well-positioned to become a key player in the African digital economy.
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