Ripple is buying Toronto-based stablecoin payments platform Rail for $200 million.
Rail says its payment infrastructure platform connects fiat and stablecoin technologies so that clients can move money fast, save costs, and build to grow via a single API.
Ripple boasts the addition will give it the “most comprehensive stablecoin payments” offering available in the market.
The blockchain and crypto firm launched its own enterprise-grade, USD-denominated RLUSD stablecoin late last year. Earlier this month, it struck a deal with Bank of New York Mellon to act as primary custodian for RLUSD reserves.
Rail adds to its capabilities with virtual accounts and automated back-office infrastructure, streamlining operations.
Monica Long, president, Ripple, says: “Stablecoins are quickly becoming a cornerstone of modern finance, and with Rail, we are uniquely positioned to drive the next phase of innovation and adoption of stablecoins and blockchain in global payments.