Ripple Set Sights on Global Remittance Market with RLUSD

Ripple Labs is setting its sights on becoming a global leader in the stablecoin remittance industry with its digital dollar, RLUSD. In a recent update , the company reaffirmed its commitment to solving long-standing problems in cross-border payments using blockchain. Ripple wants to use RLUSD to make sending money faster, cheaper, and clearer. This is especially helpful in places where regular banks are hard to reach. Ripple to Solve Problems in Remittances With RLUSD Reports show that people around the world send more than $685 billion in remittances each year. However, regular money transfers can take days, charge high fees, and lack clear tracking. Ripple created RLUSD to revolutionize payments . The stablecoin is built on blockchain technology, which allows users to send money directly without banks or middlemen. This helps cut costs, remove extra foreign exchange fees, and make transfers faster and more transparent. Traditional transfers can charge up to 6.4% in fees, plus foreign exchange costs but RLUSD offers a cheaper and faster option. Transfers are fully trackable on the blockchain, so both sender and receiver can see when the payment is made and received. A Stable Value Backed by the Dollar Aside from remittance, Ripple is also using RLUSD for other financial services. The company has set aside $25 million to help nonprofits use the stablecoin for fast and transparent payments. This could be useful for sending aid during disasters, paying workers in different countries, or supporting global projects. RLUSD has seen massive success since its launch in 2024. Its value is pegged 1:1 to the US dollar, which makes it less likely to lose value in areas with high inflation or unstable local currencies. Users can buy RLUSD through digital wallets or exchanges and send it to others across the world. Recipients can then choose to hold the digital coin, spend it, or convert it to local money. RLUSD Sess Strong Support and Global Reach RLUSD is gaining trust not just from users but also from major financial institutions. Ripple recently received approval from the Dubai Financial Services Authority (DFSA). This means RLUSD can now be used in the Dubai International Financial Centre (DIFC), a well-known global finance hub. In the U.S., lawmakers are working on the GENIUS Act, which will create more explicit rules for stablecoins and digital assets. These legal changes will make RLUSD even more secure and easy to scale across countries. As the stablecoin market grows, more companies like Visa are joining in, showing a growing interest in the digital asset class. In a recent interview, Ripple CEO Brad Garlinghouse said the stablecoin market could reach a market value of $1 to $2 trillion in the coming years. The post Ripple Set Sights on Global Remittance Market with RLUSD appeared first on TheCoinrise.com .

Source: The Coin Rise