Ripple has recently announced a significant strengthening of its business expansion in the Brazilian market, introducing core services such as cross-border payments and digital asset custody to the region. The company's president emphasized the importance of the Latin American market and highly praised Brazil's rapidly developing financial ecosystem.
Ripple's operations in Brazil have been further consolidated. A statement released on March 17th indicated that Ripple has become the sole service provider in the region capable of meeting the comprehensive financial needs of institutions, covering areas such as cross-border payments, digital asset custody, prime brokerage, and treasury management.
Furthermore, Ripple has submitted an application for a Virtual Asset Service Provider (VASP) license to the Central Bank of Brazil. This move coincides with Brazil's introduction of a cryptocurrency regulatory framework, aiming to reinforce Ripple's 'compliance-first' operational philosophy, which has guided its global business for over a decade. "We have spent more than ten years building the trust, licenses, and technology required to operate in regulated markets. Now, with our expanded platform, we can provide everything institutions in the region need to compete in the modern financial system," stated a Ripple company representative.
Brazilian institutions are actively adopting Ripple's payment solutions. Ripple Custody services will offer bank-grade security, real-time compliance controls, and flexible deployment options for regulated institutions in the region, with partner institutions including CRX and Justoken. Concurrently, Ripple Payments, a global end-to-end solution for cross-border fund transfers processing over $100 billion, has partnered with financial institutions such as Banco Genial, Braza Bank, Nomad, Azify, ATTRUS, and Frente Corretora.
Ripple stated that its enterprise-grade stablecoin, RLUSD, has achieved significant growth in the Latin American region, with institutions widely seeking "trusted, compliant digital dollar infrastructure." RLUSD's market capitalization has surpassed $1.5 billion in less than 18 months since its launch. The stablecoin has been adopted by prominent exchanges and fintech companies in Brazil, including Mercado Bitcoin, Foxbit, Ripio, Braza Bank, and Banco Genial.