Ripple is making strides in humanitarian aid by committing $1 million to investigate how its forthcoming RLUSD stablecoin and cross-border payment solutions can facilitate cash relief and fund transfers during crises.
On October 16, Ripple announced a partnership with the International Rescue Committee (IRC) focused on transforming the delivery of humanitarian aid using blockchain technology.
This collaboration underscores Ripple’s dedication to utilizing its global payments framework and the open-source nature of the XRP Ledger (XRPL) for social good.
The initiative aims to leverage these technologies to support cash relief efforts and cross-border transactions, aiding communities impacted by crises to recover and rebuild effectively.
Turning Blockchain Innovations into Social Impact
Eric Van Miltenburg, Senior Vice President of Strategic Initiatives at Ripple, emphasized that this partnership marks a pivotal moment in the company’s journey to use blockchain for the greater good. He expressed eagerness to collaborate with the IRC to broaden humanitarian initiatives, ensuring vulnerable populations can swiftly and securely access vital resources.
Introducing RLUSD: A Stablecoin for Humanitarian Efforts
Launched in April, the RLUSD stablecoin will be completely backed by USD deposits, short-term U.S. government bonds, and other cash equivalents. It will be issued on both the Ethereum and the XRP Ledger networks.
Currently, Ripple’s payment solutions are operational in over 90 countries, having facilitated more than 37 million transactions worth nearly $70 billion.
Revolutionizing Humanitarian Aid Delivery
The collaboration aims to revolutionize large-scale aid distribution globally by merging Ripple’s payment technologies with IRC’s extensive experience in delivering humanitarian assistance across more than 40 nations—where they have provided over $70 million in cash and voucher aid.
David Miliband, President of the IRC, expressed optimism about this collaboration, stating that it aligns with the IRC’s mission to explore innovative strategies for rapid crisis response. He pointed out the effectiveness of Ripple’s blockchain technology, especially stablecoins, in enhancing the speed and efficiency of cash relief efforts in regions lacking traditional banking infrastructures.