Ripple, the leading provider of blockchain solutions, has partnered with digital brokerage platform Robinhood to bring its RLUSD stablecoin to more users and expand its use in trading, payments, and business operations.
The deal connects Ripple’s financial services with Robinhood’s 28.6 million funded customers and aims to make RLUSD useful beyond crypto trading.
On October 27, Ripple announced a partnership with Robinhood to expand RLUSD stablecoin use. Under the new partnership, RLUSD is now available on Robinhood Chain and Bitstamp by Robinhood, with plans to add it to the main Robinhood app later this year.
Robinhood serves 28.6 million funded customers globally, giving RLUSD access to a large customer base. The partnership will also allow the company to use RLUSD for institutional settlements on the XRP Ledger (XRPL).
This will give the stablecoin a wider role in both retail trading and financial services.
The deal also covers Robinhood’s business operations. The company will use Ripple Treasury to manage cash, track money flows, plan future cash needs, make payments, and manage financial risks. It will also help Robinhood handle payments between different parts of its business.
Ripple President Monica Long said the partnership meets the growing need for financial tools that work together.
“From bringing RLUSD to retail and institutional markets to helping Robinhood manage its own treasury operations, this partnership reflects growing institutional demand for integrated solutions.”
The partnership also expands the companies’ work through Ripple Prime. The service provides Bitstamp by Robinhood with lending and margin financing across around 20 digital assets.
It also gives Ripple Prime clients access to spot trading on Bitstamp. Support for perpetual futures trading is planned for later this year.
Johann Kerbrat, senior vice president and general manager of Robinhood Crypto and International, said the partnership is focused on giving stablecoins real-world uses.
“Utility is what moves stablecoins forward.”
He pointed to RLUSD settlements, Ripple Treasury, and Ripple Prime as services that can help connect different parts of the financial system.
The deal comes as stablecoins gain wider use in financial services. The total stablecoin supply has passed $300 billion, while RLUSD’s market capitalization has grown to more than $2.612 billion.
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