(Reuters) -Ripple has raised $500 million in a strategic investment valuing it at $40 billion, the crypto firm said on Wednesday, in a funding round led by Fortress Investment Group and Citadel Securities.

The investment comes on the heels of Ripple’s $1 billion tender offer earlier this year at the same valuation, the company said.

In the wake of the GENIUS Act, which created a regulatory framework for stablecoins, more institutions are adopting stablecoins such as Ripple USD (RLUSD) for treasury payments and collateral management.

Fintechs and traditional financial firms are increasingly turning to stablecoins to streamline cross-border payments, speed up settlements and broaden access to digital finance.

Ripple, which provides crypto solutions for businesses, said the fresh capital

See Full Page