Ripple, the payments-focused digital asset firm, is expanding its U.S. dollar-backed stablecoin Ripple USD (RLUSD) to institutions in Africa through new partnerships with Chipper Cash, VALR and Yellow Card distributors.

The rollout aims to give businesses across the continent access to a stable, digital dollar designed for cross-border payments, liquidity and on-chain settlement, the company said in a Wednesday press release.

RLUSD, launched in late 2024 and issued by a New York trust company regulated by the state’s Department of Financial Services, has grown to over $700 million in supply on Ethereum (ETH) and the XRP Ledger (XRP), RWA.xyz data shows. The token could be used for treasury operations, remittances and as collateral for trading tokenized assets such as commodities or securities, Ripple said.

Ripple’s expansion comes as stablecoins emerge as a cheaper and faster alternative to traditional payment channels, especially in emerging markets where access to reliable currencies and banking is often limited. In parts of Africa, residents already use digital dollars like USDT for savings or cross-border transfers, a report by Castle Island and Brevan Howard said. RLUSD’s entry introduces a regulated alternative aimed squarely at institutional users, a segment that faces challenges accessing stable liquidity in local currencies.

In parallel, Mercy Corps Ventures is testing RLUSD in climate risk insurance initiatives in Kenya. In one trial, the stablecoin funds are released automatically when satellite data signals drought conditions. Another pilot underpins rainfall insurance, with payouts triggered by extreme weather events.

Read more: Ripple to Buy Stablecoin Payments Firm Rail for $200M to Boost RLUSD