Ripple's recent integration with OpenPayd highlights the company's efforts to make its stablecoin RLUSD more accessible to businesses, opening new opportunities for fast and secure payment processing.
About the Ripple and OpenPayd Integration
This step includes the implementation of banking services from OpenPayd, providing a single API for corporates to mint and burn RLUSD on demand. It also allows for instant payouts in euros and pounds sterling with virtual IBANs assigned to customers and sub-accounts. Jack McDonald, Ripple's senior vice president, described this as a 'unified money movement layer.'
Ripple's Strategic Interests
Ripple is not only enhancing its infrastructure but is also seeking a national bank charter in the U.S. This will allow the company to custody RLUSD reserves within the Federal Reserve system, reducing counterparty risk and increasing corporate client confidence. Additionally, the approval of RLUSD by regulatory authorities in the U.S. and Dubai helps strengthen its standing.
Competition Among Stablecoins
Since its launch in October 2024, the market value of RLUSD has reached about $470 million. While this figure is significantly lower than USDC and Tether, RLUSD ranks among the top ten stablecoins. The integration with OpenPayd aims to remove barriers for mid-sized enterprises that cannot afford in-house blockchain teams.
Considering the aspect of instant payouts and the pursuit of a banking charter, Ripple bets on convenience and compliance, which could lead to success for RLUSD in the stablecoin market.
