Cross-chain platform Squid has successfully integrated Ripple's RLUSD stablecoin, enabling users to swap into and out of RLUSD across blockchains and digital assets in a single transaction. According to reports from The Block, the integration connects RLUSD to more than 100 blockchains and over 20,000 supported tokens through Squid's routing layer. Users can now swap assets such as USDC, USDT, ETH, and XRP directly into RLUSD without manually bridging assets, wrapping tokens, or completing multiple transactions. As Squid's pseudonymous co-founder Fig explained to The Block, "We allow fast, cheap movement via intents and swaps to and from any coin across all supported chains." The integration enables instant cross-chain swaps across the XRP Ledger (XRPL), Ethereum, Base, Optimism, and other networks, with direct swaps from USDC, USDT, and other crypto assets to RLUSD.
RLUSD is issued 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. As reported by The Block, Squid's integration sits above these underlying transfer mechanisms, enabling users to swap into and out of RLUSD regardless of how the token is issued on a particular chain. The platform uses an intent-based routing system where market makers fulfill orders using pooled liquidity on the destination chain, allowing swaps to settle within seconds while remaining compatible with multiple cross-chain messaging and issuance standards. This follows the stablecoin's recent launch on Ethereum layer-2 networks through Ripple's partnership with Wormhole, with the integration coming just weeks after RLUSD went live on Base and Optimism networks.
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. According to The Block, RLUSD is currently 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. The platform will power payments and interoperability for the stablecoin, with use cases including capital onboarding, cross-currency swaps, real-world asset tokenization, DeFi swaps, agentic payments, and neobanking. As Ripple's stablecoin product lead Lauren Berta stated, "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." The integration is already being used 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.
RLUSD currently has a market capitalization of about $1.65 billion, as reported by The Block, though this represents a recent decline from around $1.7 billion to $1.65 billion. 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 Georgios Vlachos, bringing its total funding to $13.5 million. Ripple is a backer of Squid, and the company is developing payment widgets and SDKs for payments and trading that will be used by Ripple developers and partners. According to The Block, Squid was launched in December 2024, positioning it as a key infrastructure provider for the growing cross-chain ecosystem.
