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Blockchain firm Ripple launched a partnership with newly-public stablecoin issuer Circle.
The collaboration brings Circle’s USDC stablecoin to Ripple’s XRP Ledger (XRPL) blockchain, according to a Thursday (June 12) press release.
“Stablecoins are key entry points connecting traditional financial markets with the crypto space — essential for use cases focused on utility rather than speculation,” RippleX Senior Vice President Markus Infanger said in the release. “Regulated stablecoins like USDC coming to the XRPL will enable new institutional and retail use cases by leveraging the ledger’s built-in capabilities for compliance, tokenization, low-cost settlement and seamless on/off-ramps.”
Circle Chief Product and Technology Officer Nikhil Chandhok said in the release that bringing USDC to the XRPL blockchain “unlocks new possibilities for developers to build seamless, real-world financial applications” adding that USDC will “help drive utility and innovation across the XRPL ecosystem.”
The announcement came one day after Circle formed an expanded partnership with World, a digital identity company known for its eyeball-scanning technology.
While World users had already bridged USDC in their World App wallets, Circle converted all existing bridged USDC held on World Chain to native USDC, meaning it is backed by “highly liquid cash and cash-equivalent assets,” the company said in an announcement. “This automatic upgrade makes it the regulated digital dollar that’s trusted globally by users and developers today.”
Circle made its New York Stock Exchange debut June 5 and saw its stock surge from the $31 per share at which its initial public offering (IPO) was priced to $83.23 at close.
“Our transformation into being a public company is a significant and powerful milestone — the world is ready to start upgrading and moving to the internet financial system,” Circle co-founder and CEO Jeremy Allaire said in a post on social platform X after the debut.
The IPO was one indication that investors have been putting their dollars to work to help speed the tech-driven transformation of money movement, PYMNTS reported Friday (June 6).
“Other recent funding rounds have touched on everything from infrastructure to B2B to platform-based lending,” PYMNTS wrote Tuesday (June 10). “For example, Circle’s venture investment arm participated in the Series A round of stablecoin-focused, cross-border payments platform Conduit, which raised $36 million in new funding.”
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