Ripple Labs Joins Forces with Mercy Corps to Advance RLUSD

• Ripple Labs has announced a strategic partnership with Mercy Corps, a renowned global nonprofit organization.
• Ripple will be able to provide financial and technical support to fintechs and SMEs through this partnership, utilizing the XRP Ledger and the forthcoming Ripple USD stablecoin (RLUSD).

The U.S.-based currency exchange and remittance network Ripple, has collaborated with Mercy Corps Ventures (MCV), a humanitarian aid non-profit organization to deliver financial and technical support to fintechs and small to medium-sized enterprises (SMEs). This initiative named the “Unlocking program” will leverage the capabilities of the XRP Ledger (XRPL) and the upcoming Ripple USD stablecoin (RLUSD).

The program will focus on promoting financial inclusion through applications, including savings, remittances, micropayments, and the tokenization of real-world assets (RWA). 

Mercy Corps and Ripple have maintained a long-term partnership focused on promoting financial inclusion. In 2020, Ripple donated $10 million to support Mercy Corps’ initiatives aimed at enhancing global economic growth. 

Committing Resources for Impactful Change

As revealed in the official report, Ripple has committed over $5.5 million to support MCV. Notably, MCV is recognized for its deep insights into innovative startups in frontier markets, reviewing more than 1,500 startups each year and supporting entrepreneurs whose solutions address significant financial inclusion challenges.

The Unlocking Opportunities campaign is focused on supporting initiatives in the Global South, offering grants of up to $100,000 to innovative firms. This program prioritizes several key areas, including DeFi loans, RWA tokenization, and ventures related to savings and payments. Moreover, it aims to promote the use of stablecoins for delivering humanitarian aid.

Ripple Labs has invested in approximately 54 early-stage startups, showcasing its commitment to inclusivity; notably, 44% of these companies feature at least one female co-founder. Ripple has seen success with its previous initiatives and is optimistic about further promoting the adoption of the XRP Ledger and the RLUSD Stablecoin.

RLUSD, is key to Ripple’s payment innovations, though no launch date has been set. The token is undergoing extensive testing on the XRP Ledger and it will compete with established stablecoins like USDT and USDC. 

To support prospective applicants, MCV and XRPL Commons will host an informational webinar on December 3rd for those interested in utilizing XRPL in their submissions to the Crypto for Good Fund. For context, the XRPL Commons is a nonprofit organization dedicated to fostering the creation of meaningful applications for the XRPL.

As reported by CNF, the XRPL has approved the XLS-66D amendment, which introduces uncollateralized loans and enhances its blockchain capabilities. This development eliminates the need for traditional collateral, creating new opportunities in credit markets. Additionally, XLS-66D improves XRPL’s scalability, cost-effectiveness, and transaction speed.

At the time of writing, XRP is currently trading at $1.09, having dipped by 2.47% in the past day and surged 65.79% in the past week.