Ripple strikes deal with Robinhood to expand its RLUSD digital dollar
As crypto evolves past its trading roots, and global markets shift to 24/7 liquidity, stablecoins are becoming essential financial infrastructure.
Key points
- Ripple and Robinhood have signed a deal to expand the reach of Ripple's digital dollar, RLUSD.
- RLUSD will be used to settle institutional trades and automate Robinhood's treasury operations through Ripple Prime and Bitstamp.
- RLUSD's market cap has grown to more than $2.5 billion, while the total stablecoin market now exceeds $300 billion.
Ripple has reached an agreement with Robinhood to widen the use of its digital dollar, RLUSD. The deal strengthens trading and financing ties between the two firms' institutional businesses and is intended to improve Robinhood's internal money management.
Under the arrangement, RLUSD will be used to settle institutional trades and automate Robinhood's treasury operations. Access will also expand through Ripple Prime and Bitstamp, the crypto exchange Robinhood acquired last year.
What the companies said
Robinhood Crypto General Manager Johann Kerbrat said the partnership gives Bitstamp and Robinhood access to RLUSD for institutional settlement, Ripple Treasury for operations and Ripple Prime for financing. He described that as "what a connected, global financial system looks like."
Ripple President Monica Long told CNBC that stablecoins have moved from a crypto trading tool to a critical piece of financial infrastructure. She said the partnership is about changing how money moves and is managed, letting institutions operate around the clock and use capital more efficiently.
Utility is what moves stablecoins forward.
— Johann Kerbrat
Market position and trading
RLUSD will also be listed on Robinhood's trading platform. It is already available to traders on Bitstamp and on Robinhood Chain, the company's blockchain for tokenized stocks and other assets.
RLUSD's market cap has grown to more than $2.5 billion. Tether's USDT and Circle's USDC still dominate the stablecoin market, which now exceeds $300 billion. Robinhood shares rose about 2.5% in early trading Tuesday, ending a three-day decline, ahead of its third-quarter results.
