Ripple has collaborated with London-based Fintech company Openpayd to build a stableecoin and paying infrastructure for companies that want to move money across borders quickly and to lower costs.
The news comes the day Ripple said it applied for a national banking license in the Office of Comptroller of the Currency (OCC). This license would allow the company to expand its crypto services and operate across state lines under federal regulation.
An important part of the new collaboration is support for Ripple USD (Rlusd)Ripple’s US dollar stableecoin. Openpayd allows for direct mint and combustion of RLUSD.
The companies said the solution is aiming to simplify cross-border payments, state course management and dollar liquidity needs.
“The future of global funding depends on trouble -free interoperability between traditional infrastructure and digital assets,” Saidjack McDonald, Ripple’s SVP of Stablecoins, adds that the partnership “gives companies reliable access to RLUSD that combines the stability and compliance they expect with the connection they need.”
According to the release, Rippel Payments processes over $ 70 billion in payment volume annually and spans more than 90 payment markets.
The partnership news also comes shortly after Ripple Labs CEO Brad Garlinghouse revealed that the company was dropping its cross -gear against the US Securities and Exchange Commission to end a year of legal battle with the regulator.
