Alchemy Pay has announced a partnership with Ripple to power fiat on-ramps for the RLUSD stablecoin, lowering barriers to global cryptocurrency adoption. This latest partnership expands the wave of interest from institutions in RLUSD amid upcoming legislation in the United States.
Alchemy Pay and Ripple collaborate to accelerate the adoption of the RLUSD stablecoin.
Cryptocurrency payment solution provider Alchemy Pay is enhancing its services for consumers through a strategic partnership with Ripple Labs. According to the press release, this partnership will see Ripple's RLUSD stablecoin integrated into Alchemy Pay's fiat on-ramping infrastructure.
In the future, Alchemy Pay's support for RLUSD will allow users to purchase stablecoins through its extensive fiat-crypto network. Users in over 170 countries will be able to buy RLUSD using more than 300 local payment methods. According to the announcement, the integration will support purchasing RLUSD via Visa, Apple Pay, Google Pay, bank transfers, and local mobile wallets.
Executives at Alchemy Pay stated that the decision to support RLUSD is a natural fit for the payment service provider. The press release cited RLUSD's increasing liquidity, regulatory compliance, and enterprise-grade capabilities as the main reasons for the integration.
Ripple is boosting RLUSD's liquidity by minting 12 million tokens ahead of the GENIUS Act vote. Meanwhile, Alchemy Pay, not new to the Web3 payment space, has onboarded 3 million users and processed 8 million transactions by 2024.
"Fully backed at a 1:1 ratio by US dollars and equivalent cash reserves, RLUSD combines the security of fiat currency with the efficiency of blockchain technology," the statement read.
RLUSD Continues to Attract Institutional Attention and Regulatory Success
The latest partnership with Alchemy Pay adds to Ripple's strong collaboration chain with institutions. Several exchanges, including BitGet and Euler Finance, have listed this stablecoin in the past month.
Cardano founder Charles Hoskinson has revealed ambitious plans for integrating XRP and RLUSD on the Cardano network, continuing the wave of interest. On the regulatory front, RLUSD has gained approval in Dubai, building on regulatory wins in New York.
Alchemy Pay's partnership comes after the historic vote on the GENIUS Act, which could provide a robust regulatory framework for stablecoins in the United States.
Notably, senators are voting on this legislation today with high optimism for its passage. Accordingly, RLUSD will compete with Circle's USDC and Tether's USDT for market dominance.