Ripple has partnered with Robinhood to expand the reach of its digital dollar, RLUSD, enhancing trading and financing capabilities for institutional clients. The collaboration will use RLUSD to settle trades, automate Robinhood's treasury operations, and broaden access to digital asset trading through Ripple Prime and Bitstamp, a crypto exchange acquired by Robinhood last year. Robinhood Crypto general manager Johann Kerbrat highlighted the partnership's role in creating a connected global financial system, enabling 24/7 liquidity and efficient capital management.
Stablecoins like RLUSD are evolving from trading tools to essential financial infrastructure, facilitating near-instant settlements and dollar-denominated value transfers. Ripple President Monica Long emphasized that stablecoins are now embedded in corporate payments and capital markets, reflecting their growing importance. The partnership aligns with Robinhood's goal of becoming a global financial super-app, centralizing customers' financial lives and serving both retail and institutional clients.
RLUSD's market cap has surpassed $2.5 billion, though it remains behind Tether's USDT and Circle's USDC in the $300 billion stablecoin market. The digital dollar will be listed on Robinhood's trading platform and is already available on Bitstamp and Robinhood Chain. Robinhood's stock rose about 2.5% in early trading on Tuesday, ending a three-day decline.
Circle Internet Group, a competitor to Ripple, is also positioning itself to provide infrastructure for stablecoin use, launching the Circle Payments Network earlier this year. This network competes with Ripple's eight-year-old Payments business, which supports cross-border transactions using various digital assets, including RLUSD.