Ripple USD stablecoin (RLUSD) has scored another win as it seeks to expand its reach in the global financial sector. Ripple has partnered with RedotPay, a global stablecoin-based payment fintech that integrates blockchain solutions with traditional banking and finance infrastructures.

Strategic fintech collaboration aims to improve transfers

In a recent announcement, Ripple and RedotPay have decided to launch a “Send Crypto, Receive NGN” feature. This will expand multimarket payouts through integration with Ripple’s cross-border payment solution.

With this new feature, RedotPay users can send XRP or other supported cryptocurrencies, and the fintech company will automatically convert it to NGN. It is also possible to deposit into the user’s bank within minutes.

The development will promote faster and cheaper remittances as Ripple and RedotPay aim to resolve all slow transfers from abroad using blockchain. 

Additionally, the expensive fees of around 6.94% will drop significantly as RLUSD operates with reduced fees and settles payouts instantly.

Besides XRP and RLUSD, other assets that this partnership supports include Bitcoin (BTC), Ethereum (ETH), Circle (USD) and Tether (USDT). Others include Solana, Toncoin, Tron and Binance Chain Coin (BNB).

The new feature of this collaboration directly targets freelancers, digital nomads and entrepreneurs. 

It will also serve anyone that desires fast, low-cost cross-border transfers. It will positively impact Ripple’s stablecoin by increasing the adoption rate of RLUSD on the crypt market.

Both RedotPay and Ripple will benefit from the partnership as it positions the fintech company as a major player in the crypto-powered money transfer market. 

For Ripple, it expands its real-world utility and supports RLUSD to gain traction in a space dominated by giants like USDC and USDT.

Rising RLUSD adoption signals growing confidence in the stablecoin

These efforts are having a significant impact as the Ripple USD stablecoin recently hit a milestone in terms of holder count. 

RLUSD now has over 6,500 holders as adoption continues to soar, as seen with volume surging by over 65% within the last 48 hours.

Ripple’s recent moves in the digital space reveal clear strategic thinking to gain users’ confidence. Beyond cross-border transactions, it has also provided the necessary infrastructure to support the real-world asset economy.

Ripple Labs’ Head of Information Security Akshay Wattal recently explained how the organization has battle-tested cryptography and compliance with regulatory standards. 

According to Wattal, Ripple is well positioned to leverage the future of the tokenized economy through efficient systems to safeguard users’ assets.