Ripple strikes deal with Robinhood on use of RLUSD stablecoin — CNBC

Ripple has struck a deal with Robinhood to expand the use of its RLUSD stablecoin. The partnership provides for the use of the digital dollar to settle institutional transactions, automate Robinhood’s treasury operations, and expand access to digital asset trading and financing through Ripple Prime and the Bitstamp crypto exchange.

As CNBC reports, the agreement also aligns with Robinhood’s plans to develop a global financial platform combining services for retail and institutional clients.

Settlements and cash management

Robinhood Crypto General Manager Johann Kerbrat said that the company will have access to RLUSD for institutional settlements, Ripple Treasury for cash management operations, and Ripple Prime for financing. According to him, these services will combine the capabilities of Ripple, Bitstamp, and Robinhood within a shared financial infrastructure.

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Stablecoins have long been used in the cryptocurrency market for transfers between exchanges, buying and selling digital assets, and holding funds between transactions without converting them into traditional currencies. Ripple President Monica Long told CNBC that such assets are increasingly used not only for trading, but also for corporate payments and capital markets.

RLUSD’s market position

RLUSD’s market capitalization has exceeded $2.5 billion. At the same time, Tether’s USDT and Circle’s USDC remain the largest stablecoins on the market, while the segment’s combined capitalization exceeds $300 billion.

RLUSD is also planned to be added to Robinhood’s trading platform. The asset is currently available to traders on Bitstamp, as well as on Robinhood Chain, the company’s blockchain for tokenized shares and other assets.