Ripple Expands Stablecoin Infrastructure Partnership as it Seeks Bank License

Ripple has partnered with London-based fintech firm OpenPayd to build a stablecoin and payments infrastructure for businesses looking to move money across borders quickly and at lower costs.

The news comes the day Ripple said it applied for a national banking license at the Office of the Comptroller of the Currency (OCC). This license would allow the company to expand its crypto services and operate across state lines under federal regulation.

A key part of the new collaboration is support for Ripple USD (RLUSD), Ripple’s U.S. dollar stablecoin. OpenPayd will allow for the direct minting and burning of RLUSD.

The companies said the solution aims to simplify cross-border payments, treasury management, and dollar liquidity needs.

“The future of global finance depends on seamless interoperability between traditional infrastructure and digital assets,” saidJack McDonald, Ripple’s SVP of stablecoins, adding that the partnership “gives enterprises reliable access to RLUSD, combining the stability and compliance they expect with the connectivity they need.”

Ripple Payments, per the release, processes over $70 billion in payment volume annually, spanning more than 90 payout markets.

The partnership news also comes shortly after Ripple Labs’ CEO Brad Garlinghouse revealed the firm dropped its cross-appeal against the U.S. Securities and Exchange Commission to end a year-long legal battle with the regulator.