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.
“Ripple has one of the most widely used digital asset payment networks in the world, and this acquisition underscores our commitment to helping our global customer base to move money wherever and whenever they need.”