Hassan Maishera
TL;DR
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Ripple is expanding its payments platform into an end-to-end stablecoin infrastructure.
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The latest features come thanks to the recent acquisitions of Palisade and Rail.
Ripple Expands its Payments Platform
Ripple announced on Wednesday that it is expanding Ripple Payments into a full-stack infrastructure platform that lets businesses collect, hold, exchange, and pay out in both fiat currencies and stablecoins through a single provider.
While revealing this to CoinDesk, Ripple said the new feature will allow businesses to collect, hold, exchange, and pay out in both traditional currencies and stablecoins through a single provider, rather than stitching together separate vendors for custody, collections, conversion, and settlement.
The new features also come thanks to Ripple’s recent acquisitions. The company revealed that Palisade, which handles custody and treasury automation, powers the managed custody layer that lets businesses provision wallets at scale and sweep funds into operational accounts.
Meanwhile, Rail, a virtual accounts and collections platform, enables businesses to accept fiat and stablecoin pay-ins through named virtual accounts with automated conversion and settlement.
These two integrations ensure that fintechs doing cross-border payouts no longer require one provider for custody, another for foreign exchange, a third for stablecoin liquidity, and a fourth for local payout rails. Ripple is consolidating all of that into one platform with one integration.
While commenting on this expansion, Monica Long, president at Ripple, stated that,
"For the global financial system to evolve, fintechs and financial institutions need infrastructure that treats digital assets with the same rigor as traditional finance. Ripple has built the blueprint for blockchain-based enterprise solutions designed to operate at a global scale for regulated finance."
Ripple’s Payment Platform Processed Over $100 Billion
Ripple revealed that its payments platform has now processed more than $100 billion in total volume. This latest milestone comes amid growing stablecoin adoption globally, with global annual transaction volumes reaching $33 trillion last year and stablecoins now accounting for 30% of all onchain transaction volume.
