Ripple donates $25M in RLUSD stablecoin to support U.S. small businesses and veterans, boosting digital inclusion and opportunity.
Ripple, the blockchain payments company, has donated $25 million in RLUSD stablecoin on the XRP Ledger. The donation went to two organizations, Accion Opportunity Fund and Hire Heroes USA, on terms of being split evenly. Both groups are focusing on assisting small business and veterans respectively.
Ripple Invests in Digital Future
Accion Opportunity Fund serves as the source of capital and resources for small business entrepreneurs. Meanwhile, Hire Heroes USA helps veterans transition from the military to civilian work. Through this donation, Ripple wants to ensure that entrepreneurs are equipped with the digital payment tools to help communities throughout the United States thrive in the fast-changing economy.
This is the second donation amount ($25 million) Ripple has released this year. It emphasizes the company’s continuing dedication to creating greater economic opportunity and giving back to important communities.
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Small businesses are important for the economy of the United States. They employ almost half of the American workforce and earn roughly 43.5% Gross National Product (GNP) or GDP. However many small businesses have significant obstacles to try and obtain the capital necessary to grow. At the same time about 16 million veterans live in the U.S., with some 200,000 transitioning to civilian life every year.
Sadly, 80% of these veterans do not have jobs waiting on them when they leave the military. This silence between military service and civilian careers forms a desperate need of focused resources, training, and care.
Brad Garlinghouse, CEO of Ripple, made this point. He said, “Small businesses and veterans are two of the greatest drivers of American progress, and we serve as a populace that both confront barriers keeping them from fully engaging in the economy.” He added that Ripple’s $25 million commitment will support funding, training and resources to help these communities grow, compete, and lead in the new digital economy.
Ripple Uses RLUSD Stablecoin to Power $1B Economic Impact Initiative
Ripple and its partners intend to launch multiple initiatives that will involve creating access to capital and developing new career paths. For example, the grant to Accion Opportunity Fund will generate about $125 million in lending for small businesses. Additionally, Ripple launched its Digital Leap Forward accelerator program to train entrepreneurs. Moreover, the program will provide $500,000 in immediate funding to underrepresented entrepreneurs.
On the veterans’ side, Hire Heroes USA, with the help of Ripple, wants to develop 14,000 job opportunities for veterans and military spouses. They will also launch a Fintech Pathways program to help develop careers in financial technology that could create more than $900 million per year in economic impact. Together, these partnerships will create a total economic impact of $1 billion. Furthermore, they will drive significant growth and opportunity.
Ross Dickman, CEO of Hire Heroes USA, called Ripple’s investment “a powerful affirmation” of their mission. He said the partnership will expand personalized career coaching and create new initiatives to make veterans successful.
Both nonprofits will receive the $25 million in RLUSD via The Giving Block’s crypto donation platform, which is supported by digital asset exchange Uphold. By using stablecoins, quicker, cheaper, and more transparent funding distribution is possible without any delays that are common in regular payment systems.
Overall, Ripple’s ongoing donations underscore the role that stablecoins are playing in the operation of nonprofits and the potential they have to make a lasting positive change in our communities.