In a significant move for the African fintech space, Chipper Cash, a leading cross-border payments platform, has expanded its partnership with Ripple. This is to bring Ripple’s USD-backed stablecoin, RLUSD, to retail and institutional customers across the continent. This introduction aims to simplify cross-border payments and bridge the gap between fiat currencies and the crypto ecosystem.
The RLUSD stablecoin, launched globally in late 2024, has already made waves with a market capitalization of nearly $700 million. It offers enterprise-level functionality while ensuring full regulatory compliance, and is backed by Ripple’s extensive experience in both the cryptocurrency and traditional finance sectors.
“RLUSD has quickly become established in enterprise financial use cases, from payments to tokenization to collateral in both crypto and traditional trading markets,” said Jack McDonald, SVP of Stablecoins at Ripple. “We’re seeing demand for RLUSD from our customers and key institutional players globally, and we’re excited to begin distribution in Africa.”
This partnership comes at a time when the African continent is experiencing a surge in digital payment adoption, making RLUSD a valuable addition to Chipper Cash’s suite of offerings. The coin is ideal for facilitating instant settlement of cross-border payments, improving remittance operations, and supporting decentralized finance (DeFi) protocols. It also aims to enhance liquidity and streamline the process of transitioning between crypto and fiat currencies.
In the announcement,
Ham Serunjogi, Co-Founder and CEO of Chipper Cash, expressed excitement about the potential impact of RLUSD. He said, “After establishing our partnership with Ripple earlier this year to support faster, cheaper, and more efficient cross-border payments into Africa, we were keen to make RLUSD available to our clients as soon as possible. RLUSD is uniquely positioned to drive institutional use of blockchain technology across Africa and broader global markets.”
The RLUSD stablecoin not only enhances cross-border payment solutions but also provides robust liquidity options. This option is for treasury operations and remittances, which are vital to African economies. By integrating with decentralized finance protocols, RLUSD creates opportunities for users to access financial products that were previously inaccessible in many parts of Africa.
Chipper Cash’s push to bring RLUSD to Africa follows the company’s previous achievements. They succeeded in simplifying cross-border transactions, offering a seamless experience for individuals and businesses across 7 African countries. As part of the broader plan, Ripple has enabled RLUSD in Ripple Payments. This further extends the stablecoin’s capabilities within the continent’s financial ecosystem.
The demand for compliance-first digital assets, such as RLUSD, underscores a growing interest in trustworthy. Also, in transparent blockchain solutions that integrate seamlessly with existing financial infrastructures. With a growing population of crypto users and fintech enthusiasts across Africa, stablecoins like RLUSD are becoming increasingly essential in facilitating secure, efficient, and low-cost financial transactions.
Ripple and Chipper Cash aim to address the challenges of high fees and slow transaction speeds that often plague cross-border payments. As more users in Africa seek alternative financial services, innovations like RLUSD shape the future of fintech on the continent.
Key Statistics
$700 million | RLUSD Market Capitalization
"RLUSD is uniquely positioned to drive institutional use of blockchain technology across Africa and broader global markets"
