XRP News: Ripple and OpenPayd to Power Global Payments with RLUSD
Key Insights:
- In the latest XRP news, OpenPayd integrated its universal financial infrastructure with Ripple’s enterprise-grade stablecoin and blockchain network.
- OpenPayd will provide direct minting and burning capabilities for RLUSD stablecoin, enabling seamless fiat and stablecoin conversion.
- XRP price continues to move sideways under the key support of $2.20.
In the major XRP news today, Ripple and OpenPayd have partnered to deliver enterprise-ready stablecoin. As well as payment infrastructure powered by RLUSD.
They planned to embed OpenPayd’s universal financial infrastructure with Ripple’s enterprise-grade stablecoin and blockchain network. This will enable faster, simpler, more transparent global payments.
XRP News: Ripple Partners with OpenPayd
In a press release on July 2, financial infrastructure firm OpenPayd announced a strategic partnership with Ripple. This brings two infrastructure leaders with expertise across blockchain and traditional finance to deliver compliant, efficient, and scalable payment solutions for enterprise clients.
The partnership enables OpenPayd’s global fiat infrastructure, including real-time payment rails, multi-currency accounts, and virtual IBANs support Ripple Payments into EUR and GBP fiat currencies. Clients can make real-time money movement with the integration.
“The future of global finance depends on seamless interoperability between traditional infrastructure and digital assets. This is how we accelerate real-world adoption of stablecoins at scale,” said Jack McDonald, SVP Stablecoins, Ripple.
The partnership delivers the tools businesses need to move and manage money globally, while future-proofing their payments through blockchain-based finance.
Direct RLUSD Minting and Burning
OpenPayd will provide direct minting and burning capabilities for the RLUSD stablecoin. Businesses can convert between fiat and RLUSD with OpenPayd’s services, including embedded accounts, payments, and trading, through a single API.
“By combining Ripple Payments with OpenPayd’s rail-agnostic and fully interoperable fiat infrastructure, we are delivering a unified platform that bridges traditional finance and blockchain,” said Iana Dimitrova, chief executive at OpenPayd.
The partnership not only enables businesses to make cross-border payments but also access stablecoin liquidity at scale and manage their money, treasury flows, and dollar-based operations.
RLUSD is an enterprise-grade, USD-denominated stablecoin on XRP Ledger and Ethereum blockchains. It is backed by Ripple’s years of experience working with both crypto and traditional finance.
RLUSD has attained a market cap of $455 million as it continues to expand and partners with other companies to boost cross-border payments. It offers core services that financial institutions need to tokenize, store, exchange, and move digital assets.
The stablecoin supports a wide range of use cases, including cross-border payments, global treasury management, and streamlined access to U.S. dollar liquidity. With stablecoin adoption growing as countries move to regulate its use.
Recently, the US Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). As a result, the demand for stablecoins has increased from companies to reduce costs on cross-border payments and other use cases.
Ripple Payments has near-global coverage with more than 90 payout markets representing more than 90% coverage of the daily FX markets, processing more than $70 billion in volume.
Recently, OpenPayd also partnered with Circle to offer seamless conversion between fiat currencies and USDC and boost real-world stablecoin utility.
XRP Price Performance amid the News
XRP price fell nearly 1% in the past 24 hours, with the price trading at $2.17 at the time of writing. The 24-hour low and high were $2.15 and $2.21, respectively.
Furthermore, the trading volume has decreased further by 32% in the last 24 hours, indicating a massive decline in interest among traders.
In the daily timeframe, the price is below the 50-SMA, 100-SMA and 200-SMA at the time of writing. Whereas, Relative Strength Index (RSI) continued to move sideways near 50, signaling potential for further consolidation.
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