Ripple Bitso partnership expansion will bring Bitso’s peso-backed MXNB stablecoin to the XRP▲$1.14 Ledger for enterprise settlement across the U.S.-Mexico corridor.
Crypto payments company Ripple, and Bitso, a Latin American crypto financial services company, are trying to make stablecoins part of enterprise payment settlement in one of the busiest money corridors in the world.
The company said in a June 11 blog post that it expanded its partnership with Bitso to bring the exchange’s MXNB stablecoin to the XRP Ledger, a Layer-1 network launched by Ripple for DeFi and other on-chain activities.
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MXNB, a Mexican peso-backed stablecoin, will be issued on the XRP Ledger and integrated into Ripple’s Payments on DEX infrastructure, the press release reads.
Under the agreement, the collaboration aims to provide enterprise-grade dollar and peso liquidity through the pairing of MXNB with RLUSD▼$0.9998, Ripple’s USD stablecoin.
Ripple Adds Peso Liquidity to XRP Ledger
The company said that structure is meant to give enterprise payment providers access to on-chain liquidity while keeping compliance controls around who can participate. Silvio Pegado, Ripple’s managing director for Latin America, said:
“By bringing together RLUSD and MXNB on the XRPL Permissioned DEX, we’re helping create regulated, onchain liquidity infrastructure purpose-built for enterprise cross-border payments. This is the next evolution of how value moves between dollars and pesos.”
Notably, Bitso, with its over 10 million users and over 2,000 institutional clients, has been an early exchange partner for Ripple’s RLUSD.
Nonetheless, the total value of assets on the XRP Ledger remains relatively small in comparison to DeFi in general despite Ripple’s efforts to develop stablecoin infrastructure for payments settlement.
DeFiLlama shows XRPL at about $38.9 million in total value locked as of June 11, while stablecoins on the network stand at about $762.1 million, with RLUSD accounting for roughly 99% of that supply and XRPL DEX volume at about $24.3 million over 24 hours.
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