Ripple is expanding its stablecoin payments platform for banks and fintechs, aiming to reduce the need to deposit money abroad and speed up cross-border transactions.
The San Francisco-based company announced on Tuesday that the company’s global payments platform Ripple Payments, which connects financial institutions with blockchain-based settlement rails, has been upgraded to support a wider stablecoin flow, including collection, storage, conversion and payment.
The move puts Ripple in more direct competition with legacy payment providers as it is designed to reduce reliance on pre-funded accounts and traditional correspondent banking networks that can pool capital and delay cross-border transactions.
The private fintech is worth $17.7 billion, according to pre-IPO equity platform Forge Global.
Ripple Payments is available in over 60 markets and has processed over $100 billion in transaction volume to date. The company cited Switzerland’s AMINA Bank, Brazil’s Banco Genial, Malaysia’s ECIB and Philippines’ AltPayNet as participating in the network.
Ripple said the expansion builds on its recent acquisitions of storage and treasury automation company Palisade and Rail, a platform that allows customers to store and exchange fiat and stablecoins. Ripple acquired Rail last August for $200 million.
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The expansion comes as Ripple continues to roll out its stable payment service, along with deeper integration of the Ripple USD (RLUSD) dollar token.
RLUSD represents a small but growing share of the global stablecoin market with a circulating supply of around $1.5 billion.
Regulatory momentum has accompanied this growth. In December, the US Office of the Comptroller of the Currency conditionally approved national trust bank charters for the planned Ripple National Trust Bank, as well as other crypto companies, including Circle, BitGo, Paxos Trust Company and Fidelity Digital Assets.
If finalized, the charter would allow Ripple and its peers to manage stablecoin assets and reserves under federal supervision, although it would not be allowed to take deposits or loans like traditional banks.
The expansion also coincides with the ongoing debate in Washington, DC surrounding the US Crypto Market Structure Bill, where lawmakers and industry groups are negotiating how to regulate stablecoins.
Ripple’s chief legal officer, Stuart Alderotti, attended a February meeting at the White House with other crypto and banking representatives to discuss the stablecoin’s legislative provisions, emphasizing the company’s involvement in shaping the evolving regulatory framework.
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