Ripple USD Teams Up with Transak: A Game-Changer within the Stablecoin World
Ripple’s stablecoin, Ripple USD (RLUSD), pegged to the US dollar, has taken a step forward by joining forces with Transak, a number one player within the cryptocurrency payments sector.
Transak Welcomes RLUSD: A New Era for 8.3 Million Users
In a recent announcement shared with Cointelegraph, Transak revealed that it has officially integrated Ripple USD into its platform. This move opens the door for its 8.3 million users to purchase RLUSD using a wide range of fiat currencies. Harshit Gangwar, Transak’s head of promoting, emphasized the collaboration with Ripple to leverage their global network, which encompasses over 450 wallets, decentralized apps (DApps), and exchanges.
A Milestone for RLUSD: Expanding Horizons
The integration is a big upgrade for RLUSD operations worldwide, coinciding with the stablecoin reaching a market cap of $500 million for the primary time. It’s a pivotal moment for Ripple USD, marking its growing influence within the crypto landscape.
RLUSD Now Accessible in 64 Markets via Transak
According to Gangwar, RLUSD is now available for on-ramping in all 64 countries supported by Transak. Key markets resembling the United States, the United Kingdom, and the European Union are on the list. The integration process took about three months to make sure compliance with regulatory standards across these markets.
Expanding Payment Options: From Crypto Wallets to Google Pay
Transak’s support extends to at the very least 450 crypto-native services including MetaMask, Trust Wallet, Ledger, Coinbase Wallet, Uniswap, and Phantom. Users can buy RLUSD using a wide selection of payment methods like Apple Pay, Google Pay, Visa, Mastercard, SEPA within the EU, and wire transfers within the US.
What’s Next? Awaiting Fiat Off-Ramp Support
Currently specializing in fiat RLUSD on-ramps, Transak has yet to roll out off-ramps, which might allow holders to convert RLUSD back to fiat currencies. Gangwar hinted at plans to introduce this feature in 2025 as more use cases, particularly in remittances and cross-border payments, change into viable.
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Meanwhile, Transak continues to support off-ramping for at the very least 40 other crypto assets, including Bitcoin (BTC), Ether (ETH), Tether’s USDt (USDT), and Circle’s USDC (USDC). This highlights the expanding retail use cases for RLUSD, which despite its initial design for enterprise use, is gaining traction in consumer markets.
BNY Mellon Partnership: A Custody Milestone
On the identical day, Ripple announced that the Bank of New York Mellon Corporation (BNY) will function the first custodian of RLUSD reserves. Emily Portney, BNY’s global head of asset servicing, expressed pride in supporting the expansion of digital assets with a platform tailored to satisfy institutional needs.
RLUSD’s market cap recently skyrocketed to $500 million, a primary because it began trading lower than seven months ago. Based on CoinGecko data, the market cap has surged by nearly $200 million since June, reflecting a strong 62% increase.
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As RLUSD continues to make waves, its partnership with Transak and the number of BNY Mellon for custody underscore its potential to reshape digital transactions across the globe.
Image Credit: cointelegraph.com
