DriveWealth Partners with Ripple to Use RLUSD Stablecoin for Settlement
(4 hours ago) · 1 source · Summarized by CryptoBipto
DriveWealth, a brokerage infrastructure provider, has announced it will use Ripple's RLUSD stablecoin for settlement and cross-border payments. The partnership aims to integrate stablecoin-based settlement into DriveWealth's existing financial infrastructure.
WHY IT MATTERS
When you buy or sell stocks or other assets through an app, there is a behind-the-scenes process called "settlement" where the actual transfer of money and assets between parties is finalized. This process traditionally takes one or more business days and involves banks and clearinghouses. A stablecoin is a type of cryptocurrency designed to hold a steady value, usually pegged to a currency like the US dollar. By using a stablecoin for settlement, companies like DriveWealth are exploring whether they can make this process faster and cheaper, similar to how sending an email is faster than mailing a letter. This partnership is notable because it represents a traditional financial infrastructure company adopting crypto-based tools for core business operations, which could signal broader integration of blockchain technology into everyday financial services.
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