San Francisco-headquartered blockchain firm Ripple has announced that it is bringing its Ripple USD (RLUSD) stablecoin to Africa.
The expansion has been achieved by securing partnerships with three major African players, including payments app Chipper Cash, cryptocurrency exchange VALR, and payments company Yellow Card.
Africa has long been a major cryptocurrency hub, with local economies suffering from currency volatility as well as capital controls. Ripple has also noted that local residents have to deal with expensive cross-border payments.
In Kenya, the stablecoin is also gaining traction when it comes to drought insurance, with a similar pilot also covering rainfall insurance.
Ripple's Reece Merrick claims that the company had been waiting for this specific moment "for a while."
RLUSD's global expansion
RLUSD, which was launched last week, became available on various exchanges that span multiple regions. Such exchanges include Bitso and CoinMENA.
As reported by U.Today, the RLUSD token recently secured regulatory approval from the Dubai Financial Services Authority (DFSA).
According to CoinGecko data, the market capitalization of RLUSD recently surpassed the $700 million level.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team