Ripple is expanding its stablecoin payments platform, Ripple Payments, aimed at banks and fintech companies, Cointelegraph reported on Monday.
It is part of an effort to reduce the burden of holding funds overseas and to increase the speed of cross-border transactions.
Ripple upgraded Ripple Payments, which helps financial institutions connect to a blockchain-based settlement network. The upgrade supports the full stablecoin processing flow from collection and custody to conversion and payout.
Ripple Payments operates in more than 60 markets and has processed over $100 billion in transactions. Switzerland's AMINA Bank, Brazil's Banco Genial, Malaysia's ECIB and the Philippines' AltPayNet are participating in the platform.
Ripple carried out the upgrade using Palisade, a custody and treasury automation firm it recently acquired, and Rail, a platform for holding and exchanging fiat currencies and stablecoins.
Chi-gyu Hwang
delight@d-today.co.kr