This expansion provides access to over 173 countries through more than 300 local payment methods, such as major card networks, digital wallets, and bank transfers.
Standard Custody, under the regulatory oversight of the New York Department of Financial Services (NYDFS), oversees RLUSD’s issuance. The stablecoin is backed by a 1:1 ratio with US dollars and equivalent reserves, making it redeemable for fiat currency. It operates on both the XRP Ledger and Ethereum blockchains.
Ripple’s Goal for Wider RLUSD Use in Institutional Finance
Ripple aims to use RLUSD in enterprise-level financial applications, especially for cross-border payments and digital finance infrastructure. The company asserts that RLUSD adheres to regulatory standards while offering liquidity and reliability for both institutions and developers.
The collaboration with Alchemy Pay allows customers to purchase RLUSD directly through fiat channels, linking traditional currencies and blockchain-based assets. By integrating RLUSD into its infrastructure, Alchemy Pay aims to promote broader adoption of stablecoins in regulated environments.
Focusing on integrating fiat-crypto solutions, Alchemy Pay has recently secured regulatory approvals in several key markets including the United Kingdom, Switzerland, the United States, Canada, Australia, South Korea, Indonesia, and Lithuania. In 2024, the company reported growth in its transaction volume and user base, indicating an increasing demand for accessible crypto payment services.
The firm’s on-ramp service provides direct fiat access to various digital assets, with officials from Alchemy Pay viewing the RLUSD integration as part of their broader strategy to support compliant, global crypto adoption.
