Robinhood taps Ripple for stablecoin settlement and its own treasury
RLUSD is live now on Robinhood Chain and Bitstamp and is expected in the Robinhood app later this year, while Robinhood will integrate Ripple Treasury into its own treasury operations.
By Jennifer Walsh ·
Why it matters: Robinhood plans to use a stablecoin other than Tether's or Circle's for institutional settlement, and to offer it in its app later this year.
For information only, not investment advice. Prices delayed.
Ripple and Robinhood ($HOOD) announced a partnership Tuesday that puts Ripple's dollar stablecoin, RLUSD, to work across Robinhood's crypto business, from customer trading to Robinhood's own back office. RLUSD is live now on Robinhood Chain and Bitstamp by Robinhood, and Ripple says it's expected in the Robinhood app later this year.
Most of the deal is plumbing. Robinhood will use RLUSD on the XRP Ledger to settle institutional trades, and it will integrate Ripple Treasury to run its own cash and liquidity management, payments and forecasting. The two companies are also expanding an existing Ripple Prime relationship, which already gives Bitstamp lending and margin financing across roughly 20 digital assets. Ripple says Ripple Prime will support perpetual futures trading on Bitstamp later in the year.
Utility is what moves stablecoins forward.
RLUSD has grown to more than $2.4 billion in market capitalization since launching in December 2024, according to Ripple; CNBC puts it at more than $2.5 billion. Tether's USDT and Circle's USDC still dominate a stablecoin market of more than $300 billion, CNBC says.
Robinhood reports third-quarter results after Tuesday's close. Its shares were at $96.02, up 3.43%, and XRP ($XRP) at $1.31, up 1.83%, as of Oct. 27, 9:40 AM ET.
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Tags: stablecoins · exchanges · fintech