Ripple Debuts RLUSD Payments in Africa

Add TechGaged as your preferred source on Google

See more TechGaged stories across Google News and Discover.

Add

Blockchain giant Ripple has deepened its push into real-world stablecoin payments by investing in Flutterwave, one of Africa’s largest payment infrastructure companies. The investment forms part of Flutterwave’s Series E fundraising, which values the Nigerian fintech firm at $3.2 billion, and expands Ripple’s presence across one of the world’s fastest-growing digital payments markets. Together, the companies plan to integrate Ripple’s enterprise payment technology with Flutterwave’s existing cross-border network.

Ripple Expands RLUSD Into Africa

The partnership centers around bringing Ripple’s infrastructure directly into Flutterwave’s payment ecosystem.

According to the June 16 press release, Flutterwave will integrate RLUSD as a settlement asset across high-volume payment corridors and its Send App remittance platform. The companies also plan to use the XRP Ledger (XRPL) to process transactions more efficiently and connect Flutterwave’s domestic payment network with Ripple Payments through a unified API.

Latest Stories

3 min read • 2 hours ago

$14 Trillion BlackRock Just Launched Its Next Bitcoin ETF

2 min read • 3 hours ago

Here’s How Close Bitmine Is to Owning 5% of Ethereum

5 min read • 3 hours ago

Arman Tsarukyan Turns $1 Million Into $5.7 Million on Jack.com After One of the Biggest UFC Upsets of the Year

Read all latest stories →

The goal is to reduce the delays and foreign exchange costs that have traditionally affected cross-border transfers throughout Africa. Instead of relying on multiple banking intermediaries, businesses would gain access to faster settlement and predictable pricing.

Ripple Managing Director for the Middle East and Africa Reece Merrick said the investment strengthens RLUSD’s role in enterprise payments and helps expand Ripple Payments across the region.

“Flutterwave has built one of the most advanced payments networks in Africa, and as its infrastructure evolves, stablecoins are becoming central to that story. (…) Our investment will establish RLUSD within that infrastructure, with Flutterwave driving stablecoin flows over the XRPL and deepening its role as a settlement layer for real-world payments across the continent. Together we also plan to bring Ripple Payments’ speed and efficiency to cross-border transactions in the region, opening up faster, lower-cost financial services to businesses and consumers at scale.”

Meanwhile, Ripple-related XRP token was at press time on June 16 changing hands at the price of $1.22, down 1.4% on the day, up 5.3% across the past week, and down 14.3% over the month, per the most recent chart information.

Flutterwave Doubles Down on Stablecoins

Flutterwave described the investment as the latest step in its long-term strategy to build a stablecoin-first payment infrastructure.

The company said combining traditional payment methods such as bank transfers and mobile wallets with blockchain-based settlement will simplify international commerce for businesses operating across Africa.

Chief Executive Officer Olugbenga “GB” Agboola said the partnership will help scale Flutterwave’s infrastructure and accelerate its stablecoin roadmap.

Flutterwave says it has now raised more than $500 million since its founding and has processed more than one billion transactions worth over $50 billion. The new funding will support further expansion of its cross-border payment network as demand for stablecoin-based settlement continues to grow across emerging markets.