Ripple has made a significant commitment to exploring how its upcoming RLUSD stablecoin and cross-border payment solutions can enhance cash relief and fund transfers in crisis zones. In a recent announcement on Oct. 16, Ripple revealed a new partnership with the International Rescue Committee (IRC) with the goal of revolutionizing humanitarian aid delivery through blockchain technology.
This partnership showcases Ripple’s dedication to leveraging its global payments network and open-source solutions on the XRP Ledger (XRPL) for positive social impact. The focus will be on utilizing these technologies to support cash relief programs and cross-border transfers, ultimately providing aid to individuals affected by crises and assisting them in the recovery and rebuilding process.
Eric Van Miltenburg, Ripple’s Senior Vice President of Strategic Initiatives, emphasized that this collaboration marks a significant milestone in the company’s mission to utilize blockchain for global good. He expressed excitement about leveraging the IRC’s expertise to expand Ripple’s humanitarian efforts and provide vulnerable communities with quick, secure, and efficient access to essential resources.
One of the key components of this partnership is the RLUSD stablecoin, which was announced in April. RLUSD will be fully backed by USD deposits, short-term US government treasuries, and other cash equivalents, and will be issued on both the Ethereum and XRP Ledger networks. Ripple’s payment solution currently operates in over 90 countries, facilitating millions of transactions totaling nearly $70 billion.
By combining Ripple’s payment technology with the IRC’s experience in delivering humanitarian aid across more than 40 countries, where they have provided over $70 million in cash and voucher assistance, this partnership aims to revolutionize large-scale aid delivery on a global scale. David Miliband, President of the IRC, expressed optimism about the collaboration, highlighting the potential of Ripple’s blockchain technology, particularly stablecoins, to enhance the speed and efficiency of cash relief in regions with limited access to traditional banking infrastructure.
In conclusion, the partnership between Ripple and the International Rescue Committee represents a significant step towards leveraging blockchain technology for social good. By combining their expertise and resources, these organizations are poised to make a meaningful impact on humanitarian aid delivery in crisis zones around the world.