Ripple, the blockchain company closely associated with the XRP Ledger (XRP) network, has invested in African payments company Flutterwave as part of its Series E funding round, a deal focused on expanding the use of stablecoins for cross-border payments.
Flutterwave said Tuesday that the funding round valued the company at $3.2 billion. The financial terms of Ripple’s participation were not disclosed.
The deal will integrate Ripple’s US dollar-backed stablecoin RLUSD into Flutterwave’s payments infrastructure, allowing businesses to settle certain international transactions using digital dollars rather than relying solely on traditional banking networks.
Flutterwave will also connect to Ripple Payments, Ripple’s global payments network, and use the XRP Ledger blockchain to process transactions.
The companies said the aim was to make it easier and cheaper for businesses across Africa to send and receive money internationally.
The deal highlights the growing role of stablecoins in international payments, one of the fastest-growing use cases in the digital assets sector. While cryptocurrencies are often associated with commerce, stablecoins are increasingly used by businesses and individuals to move money across borders and manage U.S. dollar liquidity in regions where access to foreign currencies may be limited.
