Singapore-based fintech firm MetaComp has announced the commencement of RLUSD distribution, a stablecoin issued by Ripple and backed by the U.S. dollar.
What is RLUSD?
RLUSD is a stablecoin issued by Ripple's subsidiary, Standard Custody & Trust Company, and is backed by the U.S. dollar. The stablecoin is aimed at institutional clients and is designed to enhance access to stablecoin-backed settlements.
Integration with StableX
RLUSD will be integrated into StableX, MetaComp's platform for programmable currency operations and liquidity in international markets. This integration will expand StableX's capabilities for rapid and transparent processing of cross-border payments.
Significance for MetaComp and Ripple
According to Eddie Hui, Co-President and COO of MetaComp, the onboarding of RLUSD represents a significant step toward creating a 'resilient ecosystem where stablecoins work together to shape the future of finance'. It also strengthens StableX's offerings for payment and institutional settlement operations.
The distribution of RLUSD by MetaComp strengthens Ripple's presence in the regulated stablecoin market and supports the integration of tokenized assets into financial infrastructure.
