San Francisco-based Ripple announced the integration of the RLUSD stablecoin into its cross-border payments solution.
Integration of RLUSD into Ripple Payments
RLUSD is now integrated into Ripple Payments, a solution with near-global coverage spanning over 90 payout markets. This includes instant connections to banks, financial institutions, payment service providers, and exchanges worldwide. RLUSD is already in use by providers like iSend and BKK Forex.
Growth of RLUSD and market capitalization
RLUSD has exceeded the company's growth expectations. According to CoinGecko data, its market cap stands at $243 million. Ripple recently minted an additional 50 million RLUSD tokens, expecting the stablecoin to be among the top 5 sector leaders by the year's end.
Competition in the stablecoin sector
Former Binance CEO Changpeng Zhao noted that competition in the stablecoin arena is just beginning. He believes stablecoins will only increase fiat currency usage since they are based on them, predicting more transactions in stablecoins, but acknowledging it will take time.
The integration of RLUSD into Ripple's cross-border payment solution marks a significant stride for the company as it positions itself for competition in the stablecoin market.
