Ripple, the blockchain company behind the XRP Ledger (XRP), has invested in African fintech giant Flutterwave as part of its latest Series E funding round. The partnership aims to accelerate the adoption of stablecoins and blockchain-powered cross-border payments throughout Africa.
Flutterwave announced on Tuesday that the funding round values the company at $3.2 billion, although the size of Ripple’s investment was not disclosed.
As part of the agreement, Flutterwave will integrate RLUSD, Ripple’s U.S. dollar-backed stablecoin, into its payment infrastructure. This will enable businesses to settle certain international transactions using digital dollars instead of relying entirely on traditional banking systems.
The collaboration will also connect Flutterwave to Ripple Payments, Ripple’s global payment network, while leveraging the XRP Ledger (XRPL) to facilitate transaction processing.
The two companies say the initiative is designed to make international payments faster, cheaper, and more accessible for businesses across the African continent.
The partnership highlights the growing importance of stablecoins in global finance. While cryptocurrencies are often associated with trading and investment, stablecoins are increasingly being adopted for cross-border transfers and U.S. dollar liquidity management, especially in regions where access to foreign currencies can be limited.
According to Reece Merrick, Ripple’s Managing Director for the Middle East and Africa (MEA), Flutterwave has developed one of Africa’s most sophisticated payment networks, and stablecoins are becoming a key component of its future growth. He added that Ripple’s investment will help establish RLUSD within Flutterwave’s ecosystem while increasing the use of the XRP Ledger as a settlement layer for real-world payment activity across Africa.
For Ripple, the investment strengthens RLUSD’s presence in a region where remittances and international trade play a significant role in economic activity. RLUSD currently has a circulating supply of approximately $1.6 billion, representing growth of more than 20% this year. However, it remains smaller than competing stablecoins issued by Tether, Circle, and Paxos.
Meanwhile, the global stablecoin market has expanded to around $300 billion, reflecting increasing demand for digital dollar-based payment solutions worldwide.
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