Standard Custody, a limited-purpose trust company regulated by the New York Department of Financial Services (NYDFS), manages RLUSD issuance. The stablecoin is backed one-to-one with US dollars and equivalent reserves, offering redemption for fiat currency. RLUSD operates on both the XRP Ledger and Ethereum blockchains.
Ripple’s Goal for Wider RLUSD Usage in Institutional Finance
Ripple intends to use RLUSD for enterprise-grade financial applications, particularly cross-border payments and digital finance infrastructure. According to Ripple officials, the stablecoin meets regulatory standards while providing liquidity and reliability for institutions and developers.
Alchemy Pay’s partnership with Ripple enables RLUSD to be purchased directly through fiat channels, bridging traditional currencies and blockchain-based assets. By integrating RLUSD into its infrastructure, Alchemy Pay aims to promote wider adoption of stablecoins in regulated environments.
In 2024, Alchemy Pay reported growth in transaction volume and user base, reflecting increasing demand for accessible crypto payment solutions. The company’s on-ramp service provides direct fiat access to a range of digital assets, with the RLUSD integration being part of its strategy to support compliant, global crypto adoption.