Ripple Partners OpenPayd to Expand Stablecoin Infrastructure

OpenPayd and Ripple have announced a strategic partnership aimed at enhancing the stablecoin infrastructure, enabling businesses to move and manage money globally with greater efficiency and transparency. This collaboration is designed to bolster Ripple's financial offerings and broaden its market presence. Through this partnership, OpenPayd will provide direct minting and burning of Ripple USD (RLUSD) stablecoin, expanding Ripple Payments support into EUR and GBP. This is achieved through OpenPayd’s global fiat infrastructure, which includes real-time payment rails, multi-currency accounts, and virtual IBANs.

Jack McDonald, SVP Stablecoins at Ripple, emphasized the significance of this collaboration, stating that the future of global finance relies on seamless interoperability between traditional infrastructure and digital assets. He highlighted that the partnership with OpenPayd gives enterprises reliable access to RLUSD, combining stability, compliance, and connectivity. This, in turn, accelerates the real-world adoption of stablecoins at scale.

Iana Dimitrova, chief executive at OpenPayd, echoed this sentiment, noting that the partnership marks a major step forward in bridging traditional finance and blockchain. OpenPayd’s newly launched stablecoin infrastructure will mint and burn RLUSD, allowing businesses to seamlessly convert between fiat and RLUSD through a full suite of services, including embedded accounts, payments, and trading, via a single API.

The companies claim that this partnership makes payments faster, more transparent, and cost-effective. As enterprise demand for stablecoins grows, businesses require real-time, regulated financial infrastructure to manage money seamlessly between traditional finance and blockchains. RLUSD, with its market cap of $455 million, continues to expand and partner with other companies to boost cross-border payments. It offers core services that financial institutions need to tokenize, store, exchange, and move digital assets.

Ripple’s payments, including those with stablecoins, have global coverage with over 90 payout markets, representing more than 90% coverage of the daily FX markets. This partnership further strengthens Ripple’s position in the market, providing a robust payment infrastructure and enterprise-grade stablecoin solutions.

Recently, OpenPayd also partnered with Circle to offer seamless conversion between fiat currencies and USDC, boosting real-world stablecoin utility. This strategic move aligns with Ripple’s goal of enhancing its financial services and expanding its reach in the global market. The collaboration with OpenPayd is a significant step towards achieving this objective, providing businesses with the tools they need to navigate the evolving landscape of digital finance.