Squid integrated Ripple's RLUSD stablecoin for cross-chain swaps in a single transaction. The cross-chain infrastructure platform connects RLUSD to more than 100 blockchains and over 20,000 supported tokens through its routing layer, allowing users to swap assets such as USDC, USDT, ETH, and XRP directly into RLUSD without manually bridging assets, wrapping tokens, or completing multiple transactions. RLUSD is issued natively on the XRP Ledger and Ethereum, with Wormhole's Native Token Transfer standard extending the stablecoin to additional Ethereum layer 2 networks including the XRPL EVM Sidechain, Optimism, Base, Ink, and Unichain.
Squid Uses Intent-Based Routing for Cross-Chain Swaps
Squid's integration sits above the underlying transfer mechanisms for RLUSD, enabling users to swap into and out of the stablecoin 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, according to Squid's pseudonymous co-founder Fig. This allows swaps to settle within seconds while remaining compatible with multiple cross-chain messaging and issuance standards.
"We allow fast, cheap movement via intents and swaps to and from any coin across all supported chains," 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."
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.
XRP Ecosystem Projects Integrate Squid's RLUSD Routing
The integration is already being used or integrated across the XRP ecosystem by multiple projects. Money market protocol Strobe, payments platform Girin, wallet providers D'CENT and Ondex, token launchpad Risepad, engagement platform OnchainGM, and AhnLab Blockchain Company are integrating Squid into their offerings. AhnLab Blockchain Company is incorporating 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.
RLUSD Integration Enables Cross-Chain Payments and DeFi Access
Squid stated the integration enables several 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.
RLUSD launched in December 2024 and currently has a market capitalization of about $1.6 billion, according to The Block's RLUSD price page.
Squid Raised $6 Million in Latest Funding Round
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.
FAQ
What did Squid integrate for cross-chain swaps?
Squid integrated Ripple's RLUSD stablecoin to enable users to swap into and out of RLUSD across blockchains and digital assets in a single transaction. The integration connects RLUSD to more than 100 blockchains and over 20,000 supported tokens through Squid's routing layer.
How does Squid's cross-chain routing system work?
Squid uses an intent-based routing system where market makers fulfill orders using pooled liquidity on the destination chain. This allows swaps to settle within seconds while remaining compatible with multiple cross-chain messaging and issuance standards, according to Squid co-founder Fig.
Which projects are using Squid's RLUSD integration?
The integration is being used or integrated across the XRP ecosystem by money market protocol Strobe, payments platform Girin, wallet providers D'CENT and Ondex, token launchpad Risepad, engagement platform OnchainGM, and AhnLab Blockchain Company.
