Circle Launches USDC on Ripples XRP Ledger, Enhancing Blockchain Utility

Ripple and Circle, the company behind USDC, have announced a partnership to implement support for a stablecoin on the XRP Ledger (XRPL).

As stated, this initiative aims to «enhance the utility of the ledger, increase on-chain liquidity, and open new avenues for innovation.»

«Stablecoins serve as critical gateways that connect the TradFi markets with the cryptocurrency space, which is essential for use cases focused on utility rather than speculation,» emphasized Marcus Infanger, Vice President of RippleX.

He noted that USDC could be used on XRPL for cross-border transactions, remittances, and DeFi activities.

Ripple plans to incorporate Circle’s coin into its flagship application, alongside its own RLUSD stablecoin. According to the company, Ripple Payments has processed $70 billion in transactions to date, operating across more than 90 currency markets.

According to CoinGecko, USDC’s market capitalization is $61.4 billion, making it second only to Tether’s USDT at $155.3 billion. Meanwhile, RLUSD stands at $413.5 million.

On June 5, Circle went public, raising $1.1 billion during its IPO—almost double its initial expectations. The market valuation reached $6.9 billion. On its debut day on the New York Stock Exchange, shares surged by 168%.

In May, reports emerged that Circle might reconsider its public listing due to ongoing negotiations with Coinbase and Ripple regarding the sale of its business for no less than $5 billion. At the time of writing, the market cap of USDC’s issuer stands at $30.3 billion.

Over the next five years, the XRP token could capture up to 14% of the global cross-border payment volume processed by the SWIFT interbank messaging network, said Ripple CEO Brad Garlinghouse, as reported by CoinDesk.

Speaking at the XRP APEX 2025 event in Singapore, he pointed out the advantage of a digital asset that provides liquidity. While SWIFT transmits verified information for transfers, financial institutions handle the actual movement of funds, which adds costs due to intermediaries.

Ripple’s platform transfers both messages and funds, using XRP as a bridging currency.

Meanwhile, SWIFT itself is exploring transaction capabilities for digital assets within its network.

On June 12, Singapore-based Web3 firm Trident Digital Tech Holdings announced plans to raise $500 million. The funds will be used to create «the world’s first corporate treasury in XRP.»

Chaince Securities is serving as the firm’s strategic advisor. The capital is expected to be raised through stock issuance and placement of other financial instruments.

«This initiative aims to acquire XRP tokens as long-term strategic reserves, deploy staking mechanisms for yield generation, and foster deep engagement in the Ripple ecosystem,» Trident Digital stated.

In March, the U.S. President tasked a digital asset market working group to advance the creation of a cryptocurrency strategic reserve, mentioning XRP among the potential candidates for inclusion.

Additionally, in June, investment company Guggenheim Treasury Services launched digital commercial paper within the XRPL network.