Ripple has committed $1 million to explore how its upcoming RLUSD stablecoin and cross-border payment solutions can enhance cash relief and capital movement in crisis zones.
On October 16, Ripple announced a new partnership with the International Rescue Committee (IRC) aimed at transforming the delivery of humanitarian aid through blockchain technology.
This initiative reflects Ripple’s commitment to leveraging its global payments network and open source solutions on the XRP Ledger (XRPL) to positively impact society.
The company will focus on how these technologies can support cash relief programs and cross-border remittances, provide aid to those affected by the crisis, and help them recover and rebuild. is.
Eric Van Miltenberg, Ripple’s senior vice president of strategic initiatives, said the partnership is an important step in the company’s mission to harness blockchain for global benefit. He added that Ripple looks forward to leveraging IRC’s experience to scale up humanitarian efforts and help vulnerable communities access essential resources quickly, safely, and efficiently.
RLUSD for social good
Announced in April, RLUSD will be fully backed by U.S. dollar deposits, short-term U.S. Treasury securities, and other cash equivalents. Stablecoins are issued on the Ethereum and XRP Ledger networks.
Ripple’s payment solutions currently operate in over 90 countries and have facilitated over 37 million transactions worth nearly $70 billion.
The partnership aims to revolutionize large-scale aid delivery globally by combining Ripple’s payments technology with IRC’s expertise in delivering humanitarian aid to more than 40 countries. It has provided more than $10,000 in cash and voucher assistance.
IRC Chairman David Miliband also expressed enthusiasm about the partnership, saying it is part of the IRC’s efforts to find innovative ways to respond quickly to crises. 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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