Recently, Ripple and OpenPayd announced their strategic partnership aimed at improving global payments using the RLUSD stablecoin, which promises to simplify financial services for enterprises.
Partnership Between Ripple and OpenPayd
In a press release on July 2, financial infrastructure firm OpenPayd announced a strategic partnership with Ripple. This collaboration combines the expertise of two infrastructure leaders across blockchain and traditional finance. The partnership will leverage OpenPayd's global fiat infrastructure, including real-time payment rails and multi-currency accounts, to facilitate Ripple Payments in EUR and GBP. 'The future of global finance depends on seamless interoperability between traditional infrastructure and digital assets. This is how we accelerate real-world adoption of stablecoins at scale,' said Jack McDonald, SVP Stablecoins, Ripple.
Direct Minting and Burning of RLUSD
OpenPayd will provide direct minting and burning capabilities for the RLUSD stablecoin. Businesses will be able to convert between fiat and RLUSD using OpenPayd’s services, including embedded accounts, payments, and trading through a single API. 'By combining Ripple Payments with OpenPayd’s rail-agnostic and fully interoperable fiat infrastructure, we are delivering a unified platform that bridges traditional finance and blockchain,' said Iana Dimitrova, CEO of OpenPayd.
XRP Market and Current Situation
XRP price fell nearly 1% in the past 24 hours, trading at $2.17 at the time of writing. The 24-hour low and high were $2.15 and $2.21, respectively. Additionally, trading volume decreased by 32% over the last 24 hours, indicating a significant drop in interest among traders. On the daily timeframe, the price is below the 50-SMA, 100-SMA, and 200-SMA. Meanwhile, the Relative Strength Index (RSI) remains around 50, signaling potential further consolidation.
The partnership between Ripple and OpenPayd could significantly impact international financial services, facilitating the use of the RLUSD stablecoin and advancing the integration of digital assets with traditional financial systems.
