Ripple commits to allocate $25 million in RLUSD to support teachers in the US. The company collaborates with DonorsChoose and Teach for America, two major nonprofit organizations in the education sector.
Technically, the donation does not entirely consist of Ripple's stablecoin, but the exact distribution is unknown. The post from DonorsChoose states that $10 million may be in fiat.
Ripple invests RLUSD in education
In the US, Teacher Appreciation Week begins, and the threat of education funding cuts is rising. In this context, Ripple saw an opportunity to make a significant contribution through RLUSD, its new stablecoin.
According to the company’s press release, its funding of $25 million will assist teachers in several key areas.
'We are proud to support teachers and classrooms in the US through Ripple's commitment of $25 million to DonorsChoose and Teach For America. Primarily through RLUSD, this is a significant example of how stablecoins can have a real impact — starting from the classroom,' said Eric van Miltenburg, Senior Vice President of Strategic Initiatives at Ripple.
To be clear, this donation is not aimed at any specific education related to blockchain. In the short term, Ripple's press release claims that RLUSD will support general educational resources in public schools.
Subsequently, partners will also 'support new initiatives aimed at financial literacy,' but this appears to be a more long-term goal.
In the DonorsChoose announcement, Ripple's contribution to RLUSD is notably highlighted, but the Good Morning America program and famous football player Eli Manning are also mentioned.
In other words, it may be difficult to prioritize financial literacy and other economically-focused education if other major donors do not show the same level of interest.
DonorsChoose also mentions funding of $10 million instead of $25 million. Ripple's press release claims that most of the grant will be provided in RLUSD, but fails to elaborate. The nonprofit may indicate that $10 million is the portion donated in fiat.
In any case, this is not the first major charitable donation from Ripple using RLUSD. In January, the company committed to allocate $50,000 to combat wildfires in California, but $25 million is a significantly larger contribution.
A significant increase in scale may reflect heightened attention to PR; for example, the company externally presents RLUSD as relevant to future stablecoin regulations.
Between the withdrawal of the SEC lawsuit and optimism regarding an ETF for XRP, Ripple is currently on the rise. This donation in RLUSD has received widespread praise from the crypto community and may enhance Ripple's visibility in the future.
As seen from an official social media post from DonorsChoose, several community members, even outside the crypto industry, praise Ripple for their philanthropic efforts.#Ripple #USStablecoinBill #Write2Earn #BinanceSquare #crypto $ETH