Alchemy Pay Adds Fiat On-Ramp Access via Ripple USD Stablecoin

Crypto payment solution provider Alchemy Pay now supports fiat on-ramp access via Ripple USD (RLUSD), the U.S. dollar-denominated stablecoin issued by Ripple Labs subsidiary Standard Custody & Trust Company.

This support enables users and institutions in more than 173 countries to purchase RLUSD through Alchemy Pay’s fiat-crypto payment network, using any one of more than 300 local payment methods, the company said in a Wednesday (June 18) press release.

These capabilities lower the entry barriers for users and institutions looking to access RLUSD, which is built to support enterprise-grade applications such as cross-border payments and digital finance infrastructure, according to the release.

“This partnership represents a major step forward in driving stablecoin adoption, enabling a trusted bridge between traditional finance and blockchain-powered digital assets,” the release said.

Ripple said in an April 2 press release that since RLUSD’s launch in December, the stablecoin had gained a market capitalization of nearly $250 million.

The company said RLUSD can be used to facilitate instant settlement of cross-border payments, access liquidity for remittance and treasury operations, integrate with decentralized finance (DeFi) protocols, bridge between traditional fiat currencies and the crypto ecosystem, and provide collateralization for trading tokenized real-world assets.

“In short order, RLUSD is being used for a number of use cases, including use as collateral in both crypto and TradFi trading market,” Jack McDonald, senior vice president of stablecoins at Ripple, said in the April press release. “New exchanges are listing RLUSD on an ongoing basis and we’re actively working with NGOs who see the opportunity to streamline giving through stablecoins.”

When the company brought RLUSD to the world’s exchanges in December, Ripple CEO Brad Garlinghouse said the firm chose to launch the stablecoin under the New York State Department of Financial Services (NYDFS) limited purpose trust charter, “widely regarded as the premier regulatory standard worldwide.”

“As the U.S. moves toward clearer regulations, we expect to see greater adoption of stablecoins like RLUSD, which offer real utility and are backed by years of trust and expertise in the industry,” Garlinghouse said in a December press release.

The partnership with Ripple is the latest of several collaborations announced by Alchemy Pay. The fiat-crypto gateway recently partnered with Backed to integrate xStocks tokenized stocks and exchange-traded funds (EFTs) on its real-world asset (RWA platform, with Sony-backed Layer-2 Soneium to expand fiat access to Web3, and with World Liberty Financial Inc. (WLFI) to support onramp access to WLFI’s U.S. dollar stablecoin, USD1.