Ripple commits $1M to boost crisis aid with blockchain and RLUSD stablecoin News ▸ XRP ▸ Stablecoins
Ripple commits $1M to boost crisis aid with blockchain and RLUSD stablecoin
Ripple's RLUSD stablecoin to revolutionize global crisis relief.
1 min read
Updated: Oct. 16, 2024 at 7:20 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ripple has pledged $1 million to explore how its upcoming RLUSD stablecoin and cross-border payment solutions can enhance cash relief and fund transfers in crisis zones.
On Oct. 16, Ripple announced a new partnership with the International Rescue Committee (IRC), which aims to transform humanitarian aid delivery through blockchain technology.
This initiative reflects Ripple’s commitment to leveraging its global payments network and open-source solutions on the XRP Ledger (XRPL) for positive social impact.
The company plans to focus on how these technologies can support cash relief programs and cross-border transfers, providing aid to people affected by crises and helping them recover and rebuild.
Eric Van Miltenburg, Ripple’s Senior Vice President of Strategic Initiatives, said the partnership was a significant step in the company’s mission to use blockchain for global good. He added that Ripple looks forward to leveraging the IRC’s experience to expand its humanitarian efforts and help vulnerable communities access essential resources quickly, securely, and efficiently.
RLUSD for social good
RLUSD, announced in April, would be fully backed by USD deposits, short-term US government treasuries, and other cash equivalents. The stablecoin will be issued on Ethereum and XRP Ledger networks.
Ripple’s payment solution currently operates in over 90 countries, facilitating over 37 million transactions worth nearly $70 billion.
The partnership aims to revolutionize large-scale aid delivery globally by combining Ripple’s payment technology with the IRC’s expertise in delivering humanitarian aid across more than 40 countries—where it has provided over $70 million in cash and voucher assistance.
David Miliband, President of the IRC, also expressed enthusiasm about the collaboration, noting that the partnership is part of the IRC’s efforts to explore innovative methods for rapid crisis response. He highlighted the potential of Ripple’s blockchain technology, particularly stablecoins, to improve the speed and efficiency of cash relief in areas with limited access to traditional banking infrastructure.
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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