Ripple’s BNY and Robinhood ties expand RLUSD – What reaches XRP?

Ripple is on a roll with back-to-back partnerships.

To begin with, BNY will further deepen its collaboration with Ripple by enabling corporate invoice financing on the XRP Ledger, adding support for custodial XRP and RLUSD, and with direct minting and burning functionality.

Ripple and C2FO have also joined forces to enable instant invoice payments and settlement of supplier invoices in seconds with RLUSD.

Moreover, Ripple’s partnership with RobinhoodApp is bringing RLUSD, Ripple Prime, and Ripple Treasury together, connecting stablecoin payments with prime brokerage and treasury operations.

Together, this puts Ripple at the center of the TradFi-to-DeFi shift.

The key takeaway?

These partnerships have one thing in common.

Clearly, there is a push from Ripple to drive adoption through increasing use cases for RLUSD. They have partnered with BNY to allow custody onchain and Robinhood now has integrations for all stablecoins.

In short, Ripple [XRP] is increasing the utility of RLUSD through its partnerships and giving it more relevance in the institutional space. The key question is whether this increase in utility leads to more on-chain activity across the XRPL ecosystem.

Ripple expands RLUSD utility as deleveraging puts XRPL in focus

RLUSD’s on-chain momentum is adding to the XRPL growth narrative.

Based on DeFiLlama data, more than $200 million in RLUSD was minted in October alone. Meanwhile, its market cap has hit a new all-time high of $2.59 billion, showing increased demand and use cases.

This can be further enhanced by Ripple looking to increase usage of RLUSD, which will create more on-chain adoption within the XRPL ecosystem. This is at a time when the derivatives market for XRP has been cooling down, with Binance Open Interest at just $445 million, below its 180-day average of around $460 million.

This is particularly noteworthy given XRPL’s ongoing on-chain momentum.

According to Token Terminal, the total number of transactions on the XRPL has already exceeded 73 million, as seen in September, and is now near 80 million total transactions, showing consistent use of the network.

With RLUSD gaining more utility, this could be another boost for the XRPL.

Overall, Ripple’s partnerships are helping extend the real-world use cases of RLUSD.

RLUSD has had a new ATH in terms of market cap and there have been close to 80 million transactions on the chain. RLUSD will help increase more activity within the XRPL ecosystem as it gains more traction, especially as XRP’s derivatives market continues to cool. 

Final Summary

• Ripple’s partnerships are expanding RLUSD’s use cases, with its market cap hitting a new ATH of $2.59 billion.

• XRPL transactions are nearing 80 million, while XRP leverage cools. Growing RLUSD adoption could bring more activity to the network.