Key facts
- Squid has integrated Ripple's RLUSD stablecoin to facilitate instant cross-chain swaps.
- The integration allows users to swap various crypto assets directly into RLUSD across more than 100 blockchains and 20,000 tokens.
- RLUSD is natively issued on the XRP Ledger and Ethereum, with its reach extended to L2 networks like Optimism and Base via Wormhole's NTT standard.
- This move aims to simplify RLUSD usage by eliminating the need for manual bridging or multi-step routing.
- Expanded use cases for RLUSD include payments, DeFi, treasury functions, and tokenized real-world assets.
Cross-chain platform Squid has integrated Ripple's RLUSD stablecoin, enabling instant cross-chain swaps for the stablecoin across numerous networks including the XRP Ledger (XRPL), Ethereum, Base, and Optimism. This integration allows users to swap assets like USDC, USDT, ETH, and XRP directly into RLUSD in a single transaction, eliminating the need for manual bridging or multi-step routing.
RLUSD is natively issued on Ethereum and the XRP Ledger, with its availability extended to Ethereum layer-2 networks through Wormhole's Native Token Transfer (NTT) standard. Squid's platform acts as the cross-chain swap and transfer layer, facilitating seamless movement regardless of RLUSD's issuance method on a specific chain.
Fig, a co-founder of Squid, explained that their intent-based routing system allows market makers to fulfill orders using pooled liquidity, enabling settlements within seconds and compatibility with various cross-chain standards. Ripple's Stablecoin Product Lead, Lauren Berta, emphasized that Squid's routing layer is crucial for RLUSD's free movement across ecosystems, supporting growing demand for payments, DeFi, and treasury use cases.
Potential applications for these cross-chain swaps include capital onboarding, cross-currency exchanges, tokenization of real-world assets, DeFi swaps, and agentic payments, an area of focus for Ripple. Several protocols within the XRP ecosystem, such as Strobe and Girin, already utilize Squid's cross-chain capabilities. Ripple is a significant investor in Squid, having participated in its recent $6 million funding round.