Ripple has committed $1 million to explore how its upcoming RLUSD stablecoin and cross-border payment solutions can improve cash assistance and money transfers in crisis areas.
On October 16, Ripple announced a new partnership with the International Rescue Committee (IRC), which aims to transform the delivery of humanitarian aid through blockchain technology.
This initiative reflects Ripple’s commitment to leverage its global payments network and open source solutions on the XRP Ledger (XRPL) for positive social impact.
The company plans to focus on how these technologies can support cash assistance programs and cross-border transfers, providing relief to people affected by crises and helping them recover and rebuild.
Eric Van Miltenburg, Ripple’s Senior Vice President of Strategic Initiatives, said the partnership was an important step in the company’s mission to use blockchain for global good. He added that Ripple looks forward to leveraging the IRC’s experience to expand its humanitarian efforts and help vulnerable communities access essential resources quickly, safely and efficiently.
RLUSD for Social Good
The RLUSD, announced in April, would be fully backed by USD deposits, short-term US government bonds and other cash equivalents. The stablecoin will be issued on Ethereum and XRP Ledger networks.
Ripple’s payment solution currently operates in more than 90 countries and powers more than 37 million transactions worth nearly $70 billion.
The partnership aims to revolutionize large-scale relief efforts worldwide by combining Ripple’s payment technology with the IRC’s expertise in delivering humanitarian aid in more than 40 countries – where it has mobilized more than $70 million in cash assistance and vouchers.
David Miliband, President of the IRC, also expressed his enthusiasm for the collaboration, noting that the partnership is part of the IRC’s efforts to explore innovative methods for rapid crisis response. He highlighted the potential of Ripple’s blockchain technology, especially stablecoins, to improve the speed and efficiency of cash assistance in areas with limited access to traditional banking infrastructure.