Ripple Launches US Dollar-Backed Stablecoin RLUSD in African Markets
Ripple is launching its US dollar-backed stablecoin, RLUSD, in African markets through partnerships with fintech firms Chipper Cash, VALR, and Yellow Card. The token has a market capitalization of approximately $710 million.
Partnership Details
- Chipper Cash, VALR, and Yellow Card already serve millions of users in Africa.
- The partnerships provide RLUSD with immediate access to retail and business transactions.
- CEO of Chipper Cash stated RLUSD aims to accelerate institutional blockchain adoption in Africa.
Humanitarian Initiatives
- RLUSD is linked to humanitarian projects in Kenya, including blockchain-based insurance for climate risks by Mercy Corps Ventures.
- These pilots aim to demonstrate stablecoins' utility for financial services in regions affected by climate challenges.
Exchange Listings and Institutional Focus
- RLUSD is now listed on multiple exchanges such as Gemini, Kraken, and Bitstamp.
- Ripple aims to make RLUSD accessible for payments, settlements, and collateral management.
- Growing demand for RLUSD is noted across various financial markets.
On-Chain Activity
- Monthly transaction volumes increased from nearly $120 million in July to $194 million in August.
- Despite growth, RLUSD's activity remains significantly lower than established stablecoins processing billions monthly.