Crypto: Ripple Expands Stablecoin Payments Stack For Banks, Fintechs

The upgrade integrates custody, treasury automation and settlement tools as Ripple pushes deeper into institutional cross-border payments.

Ripple is expanding its stablecoin payments platform for banks and fintechs, aiming to reduce the need to park money overseas and speed up cross-border transactions.

Ripple Payments, the company’s global payments platform that connects financial institutions to blockchain-based settlement rails, has been upgraded to support a broader stablecoin workflow, including collection, custody, conversion and payout, the San Francisco-based company announced Tuesday.

The move positions Ripple to compete more directly with legacy payment providers, as it is designed to reduce reliance on pre-funded accounts and traditional correspondent banking networks, which can tie up capital and delay cross-border transactions.

The privately held fintech is valued at $17.7 billion, according to pre-IPO shares platform Forge Global.

Ripple Payments is live in more than 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-based AltPayNet as examples of companies participating in the network.

Ripple said the expansion builds on its recent acquisitions of custody and treasury automation company Palisade, and Rail, a platform that enables customers to hold and exchange fiat and stablecoins. Ripple acquired Rail last August for $200 million.

Related: Ripple expands European footprint with Amina stablecoin payment partnership

The expansion comes as Ripple continues to grow its stablecoin payment services, alongside deeper integration of its dollar-pegged token, Ripple USD (RLUSD).

RLUSD accounts for a small but growing share of the global stablecoin market, with a circulating supply of about $1.5 billion.

Source: CoinTelegraph