Squid adds Ripple's RLUSD stablecoin for cross-chain swaps

Squid, a cross-chain infrastructure platform, has integrated Ripple's RLUSD stablecoin, allowing users to swap into and out of RLUSD across blockchains and digital assets "in a single transaction."

Squid said the integration connects RLUSD to more than 100 blockchains and over 20,000 supported tokens through its routing layer. Users can swap assets such as USDC, USDT, ETH, and XRP directly into RLUSD without manually bridging assets, wrapping tokens, or completing multiple transactions.

Ripple issues RLUSD natively on the XRP Ledger and Ethereum, while Wormhole's Native Token Transfer (NTT) standard extends the stablecoin to additional Ethereum layer 2 networks, including the XRPL EVM Sidechain, Optimism, Base, Ink, and Unichain. Squid said its integration sits above those underlying transfer mechanisms, enabling users to swap into and out of RLUSD regardless of how the token is issued on a particular chain.

"We allow fast, cheap movement via intents and swaps to and from any coin across all supported chains," Squid's pseudonymous co-founder Fig told The Block. "We are also developing payment widgets and SDKs [software development kits] for payments and trading that will be used by Ripple developers and partners."

Instead of relying on manual bridging, Squid uses an intent-based routing system where market makers fulfill orders using pooled liquidity on the destination chain, Fig said. According to them, this allows swaps to settle within seconds while remaining compatible with multiple cross-chain messaging and issuance standards.

RLUSD is available to end users through Squid's frontend application and to developers through its tools, allowing businesses to integrate cross-chain functionality for payments, treasury management, onboarding, and settlement.

Expanding RLUSD's use cases

Squid said the integration enables several new use cases for RLUSD, including cross-chain payments, access to decentralized finance and tokenized real-world asset platforms, automated and agentic payments, and enterprise stablecoin on- and off-ramps.

Squid said the integration is already being used or integrated across the XRP ecosystem by projects including money market protocol Strobe, payments platform Girin, wallet providers D'CENT and Ondex, token launchpad Risepad, engagement platform OnchainGM, and AhnLab Blockchain Company, which is integrating Squid into its wallet-as-a-service offering.

"As demand for RLUSD grows, it needs to move freely across the ecosystems where activity is happening. Squid handles that routing layer, which opens up a lot for payments, DeFi and treasury use cases," Lauren Berta, stablecoin product lead at Ripple, said in a statement.

Launched in December 2024, RLUSD currently has a market capitalization of about $1.6 billion, according to The Block's RLUSD price page.

Ripple is a backer of Squid. The cross-chain platform was initially incubated within the Axelar ecosystem and has since grown into an independent company. Last month, Squid raised $6 million from investors including Ripple, North Island Ventures, Borderless, and Axelar co-founder and former director Georgios Vlachos, bringing its total funding to $13.5 million.