Cross-chain platform Squid has enabled instant cross-chain swaps for Ripple’s RLUSD, boosting the stablecoin’s access across several networks, including the XRP Ledger (XRPL) and Ethereum. This follows the stablecoin’s recent launch on Ethereum layer-2 networks through Ripple’s partnership with Wormhole.
Squid Powers Instant Cross-Chain Access For Ripple’s RLUSD
In a blog post, Squid announced that it will power payments and interoperability for the stablecoin, enabling instant multichain movement across the XRP Ledger, Ethereum, Base, Optimism, and other networks. With this, the platform becomes the cross-chain swap and transfer layer for the stablecoin, with direct swaps from USDC, USDT, and other crypto assets to RLUSD.
By enabling instant cross-chain swaps, users will no longer need to manually bridge, wrap, or perform multi-step routing to use the Ripple stablecoin across multiple networks. This represents a major step in enabling cross-chain interoperability for the stablecoin, which is natively issued on the top layer-1 network Ethereum and the XRP Ledger.
It is worth noting that this move comes just weeks after the RLUSD stablecoin went live on Ethereum layer-2 networks, including Base and Optimism through Wormhole’s Native Token Transfers. Despite the move, the stablecoin’s market cap has recently dropped from around $1.7 billion to $1.6 billion.
The Need For RLUSD To Move Freely
Commenting on Squid’s integration of RLUSD, Ripple’s Stablecoin Product Lead, Lauren Berta, highlighted the need for the stablecoin to move freely across the ecosystems where activity is happening as demand grows. “Squid handles that routing layer, which opens up a lot for payments, DeFi, and treasury use cases,” she said.
Squid noted that the use cases for these cross-chain swaps will include capital onboarding, cross-currency swaps, real-world asset tokenization, DeFi swaps, agentic payments, and neobanking, among others. Notably, agentic payments have become one of Ripple’s key focuses, with the unveiling of the AI starter kit, to enable AI agents to pay with the stablecoin.
Meanwhile, it is worth noting that several protocols within the XRP ecosystem have already integrated Squid’s cross-chain layer. These protocols include Strobe, Girin, D’CENT, Ondex, and Risepad. At the same time, Ripple is a key backer of Squid, having invested in the platform’s $6 million funding round earlier this year.