Ripple’s highly regulated $RLUSD stablecoin is seeing some adoption beyond payments. Recently, it helped to fund an initiative that it meant to support US businesses that are owned by military veterans and their spouses.
On Monday, nonprofit organization Hire Heroes USA announced the first 25 recipients of the grants that are part of Ripple’s nationwide initiative.
The program has awarded $10,000 grants to each of 25 businesses. Recipients will also receive Hire Heroes USA’s Certified Veteran Employer training, access to employer resources, and assistance with expanding operations.
According to Hire Heroes USA, the initiative is intended to bolster veteran- and military spouse-owned businesses while creating new employment opportunities within the military community.
“Veteran and military spouse-owned businesses are a critical source of innovation, job creation, and economic opportunity,” Jonathan Perri, Ripple’s Director of Social Impact, said in a statement.
Eligible businesses for the program must be at least 51% owned by a U.S. military veteran or military spouse, operate within the United States, and demonstrate a commitment to hiring veterans and military spouses over the next 12 to 18 months.
The grants are part of Ripple’s broader environmental, social, and governance (ESG) and philanthropic effort.
$RLUSD, which has now become one of the top regulated stablecoins, was initially introduced as an enterprise-grade stablecoin for payments and tokenized finance. However, it is now also used for funding community-focused programs.
Ripple’s philanthropic efforts
Ripple has donated more than $250 million globally, supporting universities, nonprofits, and social enterprises across more than 80 countries. Its programs generally focus on blockchain research, sustainability, and so on.
Last year, it pledged $25 million (mostly in $RLUSD) to DonorsChoose and Teach For America. Ripple described the donation as one of the first major philanthropic programs funded with a stablecoin.
The company has also secured partnerships with Mercy Corps Ventures, Water.org, the International Rescue Committee, and Accion Opportunity Fund.