Ripple has pledged $1 million to explore how its upcoming stablecoin and cross-border payment solutions RLUSD can improve cash aid and remittances in crisis zones.
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 leveraging its global payments network and open source solutions on XRP Ledger (XRPL) for positive social impact.
The company plans to focus on how these technologies can support cash relief programs and cross-border transfers, providing aid 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
RLUSD, announced in April, would be fully backed by U.S. dollar deposits, short-term U.S. Treasury bills and other cash equivalents. The stablecoin will be issued on the Ethereum and XRP Ledger networks.
Ripple’s payments solution currently operates in over 90 countries, facilitating over 37 million transactions worth nearly $70 billion.
The partnership aims to revolutionize large-scale aid delivery on a global scale by combining Ripple’s payment technology with IRC’s expertise in delivering humanitarian aid in more than 40 countries, where it has provided more than $70 million in cash and vouchers.
David Miliband, Chairman of the IRC, also expressed his enthusiasm for the collaboration, emphasizing that the partnership is part of the IRC’s efforts to explore innovative methods for rapid response to crises. He highlighted the potential of Ripple’s blockchain technology, particularly stablecoins, to improve the speed and efficiency of cash relief in areas with limited access to traditional banking infrastructure.
