Key Insights:
- Uphold to provide liquidity for Ripple’s RLUSD stablecoin.
- USBC collaboration supports Ripple’s cross-border payment system.
- Uphold’s role is key in regulated markets, such as the US and UK.
- Vast Bank CEO Greg Kidd supports tokenized US dollar deposits.
USBC Partners with Uphold to Support Ripple’s RLUSD
In a new development, USBC has entered into a partnership with Uphold, a company specializing in cryptocurrency liquidity. Uphold will act as the liquidity provider for Ripple’s RLUSD, a stablecoin tied to the U.S. dollar. This collaboration is part of Ripple’s ongoing effort to expand its global cross-border payments infrastructure.
Ripple’s RLUSD aims to tokenize U.S. dollar deposits at Vast Bank, an institution led by CEO Greg Kidd. The partnership between USBC and Uphold will enable Ripple to access liquidity in key markets like the US, UK, and Europe. This will enhance Ripple’s ability to facilitate smooth cross-border payments.
Role of Greg Kidd and Vast Bank
Vast Bank’s CEO, Greg Kidd, a former Chief Risk Officer, brings his expertise to the venture. His involvement adds credibility to the initiative, as the tokenized U.S. dollar deposits are structured to comply with regulatory standards. This regulatory alignment is crucial for ensuring the stability and trust of the Ripple payment system in various regions.
The integration of Vast Bank into this project is especially significant. The bank will play a key role in the success of Ripple’s RLUSD. As a result, the partnership aims to enhance transparency and promote regulatory compliance in Ripple’s cross-border payment services.
Uphold’s Role in Ripple’s Strategy
Uphold, known for its core function of providing crypto liquidity, will be instrumental in the global launch of RLUSD. This launch is expected to occur in December 2024. Uphold’s involvement as the exchange partner ensures that Ripple can meet the growing demand for stable and regulated cross-border payments.
Ripple’s cross-border payment system relies heavily on liquidity partners, such as Uphold, to enable fast and efficient transactions. As the system expands, Uphold’s contribution to ensuring liquidity in key markets will play an essential role in the network’s overall growth and effectiveness.
