DriveWealth to use Ripple’s RLUSD for stablecoin settlement, cross-border payments
DriveWealth has partnered with Ripple to integrate its stablecoin settlement, cross-border payments, and digital asset custody services into the brokerage platform. They will start with settlement in Europe and plan to expand to the United States.The integration will use Ripple's RLUSD stablecoin on the XRP Ledger, allowing DriveWealth clients to fund and manage collateral accounts with stablecoins that convert to cash in near real time, while the companies are also exploring equity financing opportunities through Ripple Prime."We've already enabled 24/5 trading; now we need the funding to match, so clients can move with the markets instead of waiting for them," said DriveWealth CEO Naureen Hassan in a release. "Our partnership with Ripple empowers us to extend the same funding, and custody experience our clients already rely on to stablecoins and digital assets, so their capital keeps working around the clock instead of sitting idle overnight or over a weekend."DriveWealth can instantly fund and manage customer collateral accounts using stablecoins that convert to cash in near real time. The firm is also bringing its treasury and custody infrastructure onto Ripple's rails.The partnership further integrates RLUSD into institutional financial infrastructure. Just this week, Standard Chartered launched custody for RLUSD on XRP Ledger. Earlier this year, Ripple and LMAX Group struck a deal to expand institutional stablecoin use with $150 million in financing.Also this week, Ripple and Stripe-owned Privy partnered to bring embedded wallets to XRP Ledger."DriveWealth came to Ripple with a specific challenge around cross-border settlement, but it quickly became clear there was an opportunity to do much more together," said Jack McDonald, Ripple's SVP of stablecoins. "By integrating Ripple's full product suite into DriveWealth, we're modernizing how money moves and is supported across trading, custody and settlement."The companies will discuss the partnership at Ripple Swell on Oct. 28.