- Ripple has partnered with Revolut and Zero Hash to expand the reach of its fiat-backed stablecoin, RLUSD, aiming to challenge the dominance of USDT and USDC in the market.
- These collaborations will enable seamless trading of RLUSD across various platforms, potentially increasing its adoption and driving demand for Ripple’s native token, XRP.
Ripple is making big moves in the world of cryptocurrency with its new fiat-backed stablecoin, Ripple USD (RLUSD). By teaming up with fintech giants Revolut and Zero Hash, Ripple is expanding RLUSD’s reach and positioning it as a strong competitor to industry leaders like Tether (USDT) and USDC.
Strategic Partnerships: Expanding Access to RLUSD
Ripple’s collaboration with Revolut, a London-based neo-bank with over 50 million customers, and Zero Hash, a financial infrastructure provider, aims to bring RLUSD to a broader audience. These partnerships will enable seamless trading of RLUSD across various markets on both the XRP Ledger (XRPL) and Ethereum (ETH) networks.
Edward Woodford, CEO of Zero Hash, emphasized the significance of RLUSD’s integration, noting that it aligns with Zero Hash’s mission to offer innovative, regulated stablecoin technologies. By embedding RLUSD into its API and SDK, Zero Hash makes it easy for its partners to access and utilize the stablecoin for various financial services, such as payouts and tokenization payment rails.
RLUSD: A Serious Contender in the Stablecoin Market
Ripple USD (RLUSD) is rapidly gaining traction, with a fully diluted valuation of over $108 million and a 24-hour average trading volume of around $207 million. However, it still faces tough competition from the dominant players in the stablecoin space, such as USDT and USDC, which control a combined 90% of the USD-backed stablecoin market. Despite this, Ripple’s extensive network and its partnerships with Revolut and Zero Hash provide RLUSD with the potential to attract a significant user base.
The inclusion of RLUSD in Revolut’s platform and Zero Hash’s global financial ecosystem opens the door for more organic adoption. With Revolut’s established presence, especially in the UK, and Ripple’s decade-long partnerships with major financial institutions, RLUSD is poised to challenge the current dominance of USDT and USDC.
The Ripple Effect on XRP’s Price
As Ripple continues to expand the use of RLUSD, its impact on XRP—the blockchain’s native token—could be substantial. Increased activity on the XRPL, spurred by RLUSD’s integration, could boost demand for XRP. Additionally, XRP’s correlation with Bitcoin could further amplify this effect. If Bitcoin prices surge in the coming weeks, XRP is likely to follow suit, entering a phase of price discovery in the 2025 bull market.
Ripple’s push for RLUSD adoption is a clear signal that it aims to revolutionize the stablecoin space. With strong partnerships and an innovative approach, RLUSD could soon give USDT and USDC a run for their money, making Ripple USD a key player in the future of digital currencies.
