Bitso's RLUSD Push: A $82B Payment Rail or a Crypto Play?

Bitso is aiming to process $82 billion in annualized total payment volume (TPV) this year through its B2B arm, Bitso Business. This target frames the company's evolution from a crypto exchange into a critical payments infrastructure provider. Its platform offers businesses direct, real-time access to Mexico's instant payment system and stablecoin-powered rails for foreign exchange and treasury operations.

Bitso's role is central to Ripple's strategy for cross-border payments. As a critical partner in Ripple's efforts, Bitso helps move billions of dollars into Latin America in real time. By integrating Ripple Payments with the regulated stablecoin RLUSD, Bitso streamlines how money moves across borders, replacing slow, multi-day settlement with near-instant blockchain transfers.

The goal is to become a compliant, scalable settlement rail for the high-demand U.S.-LATAM corridor. Bitso's platform is positioned to serve as a key distribution and payout partner for RLUSD, directly addressing the region's need for faster, cheaper, and more transparent international transfers.

The Catalyst: RLUSD's Flow and Market Position

RLUSD is trading at $0.9988, just a hair below its dollar peg. The stablecoin is seeing robust daily activity with a 24-hour volume of $329.5 million, a figure that underscores its role as a primary settlement asset. Its market cap sits at approximately $1.5 billion, ranking it #44 among all cryptocurrencies.

Performance over the past week shows a nuanced picture. RLUSD has outperformed the broader crypto market, which was down 8.7%. Yet, it has underperformed other stablecoins, which gained 0.4% over the same period. This divergence suggests that while RLUSD is holding its peg and attracting flow, its utility-driven growth is not yet matching the broader stablecoin sector's momentum.

The volume and market cap figures point to a liquid, actively traded asset. However, the 7-day underperformance relative to peers is a red flag. It implies that for all its institutional partnerships and payment rail ambitions, RLUSD's price action is not capturing the same speculative or yield-seeking interest as some of its competitors. The flow is there, but the market's enthusiasm for it appears muted.

Catalysts and Risks

The primary financial catalyst is Bitso's $82 billion annualized total payment volume (TPV) target. This ambitious goal frames the entire business case, turning Bitso from a crypto exchange into a critical payment infrastructure provider. Success here would validate the stablecoin-powered rails and directly drive demand for RLUSD as the settlement asset.

A major near-term risk is the decline in remittances to Mexico, which fell 4.6% in 2025 after 11 years of growth. This is a core use case for Bitso's platform. However, the opportunity lies in diversifying beyond Mexico. Remittances to other Latin American countries grew an average of over 16% in 2025, with significant increases to Honduras, Guatemala, and Colombia. Bitso's expansion into these markets is key to offsetting any domestic slowdown.

For RLUSD to function as a viable settlement asset, its price stability and high daily volume are non-negotiable. The stablecoin must hold its peg to maintain trust in the payment rail. Its current $329.5 million in 24-hour volume demonstrates active trading, but the asset's muted performance relative to other stablecoins is a warning. Without capturing broader market enthusiasm, its utility as a dominant settlement layer remains constrained.