Ripple Labs is seeking to promote businesses in emergent markets with Mercy Corps partnership to increase the adoption of its RLUSD stablecoin.
Ripple Labs Inc., an American blockchain payments firm, is developing a novel adoption pathway for its RLUSD stablecoin, which has yet to be released. The company has recently announced that it has expanded its partnership with Mercy Corps through the “Unlocking Opportunity” program.
The primary objective of this initiative is to foster development in emerging markets by assisting entrepreneurs and Small and Medium Enterprises (SMEs).
Role of RLUSD stablecoin in the new Ripple Labs campaign
The organization’s objectives are contingent upon implementing solutions advantageous to small and medium-sized enterprises (SMEs) and fintech companies. The company expressly referred to individuals developing on the XRP Ledger or utilizing the RLUSD stablecoin.
Ripple Labs indicated that its preferred innovators are those who promote “financial inclusion use cases,” including micropayments, remittances, savings, and the tokenization of real-world assets.
The global south is the primary focus of the Unlocking Opportunities campaign. Firms will receive grants of up to $100,000 through this initiative.
DeFi loans and Real World Asset tokenization are the other significant use cases the program will prioritize. It also intends to support ventures that rely on savings and payments and stablecoin to distribute humanitarian assistance.
Mercy Corps Ventures has received over $5.5 million in commitments thus far, and Ripple maintains that scalability is its primary concern. Ripple Labs, a significant partner of Mercy Corps, disclosed that it has provided financial support to approximately 54 early-stage businesses. Inclusion is exemplified by these organizations, as 44% of them have at least one female co-founder.
Ripple Labs has achieved success with previous campaigns, as they have noted. This will further enhance the expanding reach of the XRP Ledger and, in the end, the RLUSD Stablecoin.
Is the RLUSD Stablecoin prepared for launch?
Despite its ambitious objectives, Ripple Labs has yet to disclose the precise timeline for introducing stablecoin. Nevertheless, Brad Garlinghouse, the CEO of Ripple Labs, has suggested that the stablecoin is a critical component of the company’s potential payment revolution.
The company has been undertaking advanced testing for the token on the Ethereum and XRP Ledger blockchains. RLUSD will compete with existing stablecoins such as USDT and USDC upon its launch. Despite the company’s silence regarding its strategies for surpassing its competitors, its exhaustive testing indicates that it is not skimping on quality.
The regulatory certification is one of the primary delays in the launch of this token, as it may only advance to the next stage.
