XRP issuer Ripple Labs has formed partnerships with Revolut and Zero Hash to support the growth of its native stablecoin RLUSD.
Ripple launched RLUSD last December to join an increasingly competitive stablecoin market, underpinning its global expansion efforts and diversifying its portfolio of digital assets.
Tethered to the US dollar, RLUSD has already been made available on various crypto exchanges, such as Binance and Coinbase, to enhance its adoption. In a bid to increase its presence across both the crypto and traditional finance markets, it will now become available to Revolut and Zero Hash users.
Customers of both fintech platforms will be able to trade using RLUSD for fiat-to-crypto, and vice versa, transactions. Ripple intends RLUSD to accelerate the payment process, both domestically and internationally for cross-border payments.
Zero Hash, a crypto and stablecoin infrastructure platform, enables crypto payment by tapping into its APIs to create a seamless gateway for customers to perform transactions with digital currencies.
Edward Woodford, Founder and CEO of Zero Hash, commented on RLUSD’s arrival on the platform, stating: “The addition of RLUSD to our ecosystem demonstrates Zero Hash’s commitment to providing our customers with access to the most innovative and regulated stablecoin technologies.”
UK digital bank Revolut will also play a key role in increasing the adoption rate of RLUSD to its global 45 million customer base.
Revolut has been a supporter of the crypto sector for many years now, enabling its customers to buy, sell and trade in various digital currencies. It even launched its own crypto native platform, Revolut X, last year to accelerate the adoption of crypto transactions amongst its customers.
The UK fintech is also looking to join the stablecoin market after plans emerged last year that Revolut was seeking to launch its own native stablecoin. Believed to be tethered to the Euro, a potential Revolut stablecoin will have to be cleared under the stablecoin guidelines laid out by the Markets in Crypto Assets (MiCA) regulations.
It is unclear how MiCA will affect any potential Revolut stablecoin performance if it intends to launch one, after many popular stablecoins have been restricted access to the European market due to MiCA’s guidelines.
Stablecoins are rapidly becoming an integral liquidity and cross-border payment solution for payment/financial companies in order to not only maintain reserves for fiat currency, but also to form use cases around the acceleration of international payments.
