Ripple has reached a cooperation with Robinhood to expand the coverage of its digital dollar RLUSD, strengthen the transaction and financing connections between the businesses of both institutions, and improve the internal fund management of Robinhood.
This collaboration includes using RLUSD as the settlement institution for transactions, automating the fund operations of Robinhood, and expanding the channels for digital asset trading and financing through Ripple Prime and Bitstamp. Bitstamp is a global cryptocurrency exchange that Robinhood acquired last year.
This also helps to achieve the goal of making Robinhood a global financial superapp, that is, to bring together customers' financial lives and at the same time expand the underlying infrastructure that can serve both retail and institutional customers.
Robinhood Crypto General Manager Johann Kerbrat stated in a declaration shared with CNBC: "Practicality is the driving force behind the advancement of stablecoins. After cooperating with Ripple, Bitstamp and Robinhood will be able to use RLUSD for institutional settlements, process our operations with Ripple Treasury, and raise funds through Ripple Prime. This is what an interconnected global financial system should look like."
Workhorse
Stablecoins have long been the “workhorses” of the crypto world, providing traders with a way to transfer funds between exchanges, buy and sell crypto assets, and park their funds during trading breaks without having to convert them back into traditional currencies. However, as the crypto industry has moved beyond mere trading and markets have shifted towards 24/7 liquidity, stablecoins have become a key financial infrastructure due to their ability to achieve nearly instant settlements and to transfer values denominated in US dollars at any time outside of traditional bank hours.
As companies hope to make greater use of stablecoins beyond listing on exchanges, stablecoin issuers are betting that the market will prefer a one-stop solution that combines the technologies and services required for fund transfers, transaction settlements, and cash management.
President Monica Long stated to CNBC: "Stablecoins have evolved from tools for encrypted transactions to become a critical financial infrastructure. The most evident proof is the range of scenarios in which they are now embedded, from corporate payments to capital markets. Our collaboration with Robinhood reflects this evolution."
She added, "This is far more than just a matter of trading. It's about fundamentally changing the way funds flow and are managed – enabling institutions to operate 24/7/365, releasing liquidity, and putting capital to use more efficiently."
Ripple's competitor, Circle Internet Group, is also laying out a similar future: in addition to issuing stablecoins, the winning platform will also provide the infrastructure necessary for these stablecoins to function effectively. Earlier this year, Circle launched Circle Payments Network, which connects financial institutions and payment service providers through its flagship stablecoin USDC and other digital assets for cross-border payments.
This network is a response by Circle to the existing Ripple Payments business, which has a history of eight years. Ripple Payments is a service that helps enterprises transfer funds across borders, and it allows for the use of various assets that can be circulated through this system, including those created with USDC and Ripple, as well as RLUSD which has been launched since December 2024.
The market value of RLUSD has grown to over $2.5 billion. USDT of Tether and USDC of Circle still dominate the entire stablecoin market, which now has a total scale of over $300 billion.
RLUSD will also launch the trading platform of Robinhood. It is currently available for traders on Bitstamp and can also be used on Robinhood Chain. Robinhood Chain is the company's own blockchain, which is used for tokenizing stocks and other assets.
Robinhood will announce its third-quarter results for September after the market closes on Tuesday.
