Ripple, the blockchain firm closely associated with the XRP Ledger (XRP) network, invested in African payments company Flutterwave as part of its Series E funding round, a deal centered on expanding the use of stablecoins for cross-border payments.
Flutterwave said Tuesday that the funding round values the company at $3.2 billion. Financial terms of Ripple’s stake were not disclosed.
The deal will integrate Ripple’s U.S. dollar-backed stablecoin, RLUSD, into Flutterwave’s payments infrastructure, allowing businesses to settle some 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 goal is to make it easier and cheaper for businesses across Africa to send and receive money internationally.
The deal points to the growing role of stablecoins in international payments, one of the digital asset industry’s fastest-growing use cases. While cryptocurrencies are often associated with trading, stablecoins are increasingly being used by businesses and everyday people to move money across borders and manage U.S. dollar liquidity in regions where access to foreign currencies can be limited.