Ripple, a provider of digital asset infrastructure for financial institutions and the team behind XRP and Ripple USD (RLUSD), has announced a $25 million commitment to US education nonprofits DonorsChoose and Teach For America.
According to the press release shared with Cryptonews, for the first time, the two nonprofits will accept “the majority” of the $25 million grant in Ripple’s USD-backed stablecoin, RLUSD.
This partnership will support innovative and high-impact initiatives throughout the year. It will fund “thousands” of classroom projects and teacher requests during Teacher Appreciation Week, Teach For America’s Ignite tutoring program, and STEM Innovation Challenge.
Also, per Aneesh Sohoni, CEO of Teach For America, the funding will expand the nonprofits’ Ignite Tutoring Fellows program, drive innovation in its Reinvention Lab, and provide financial assistance to thousands of new corps members during their teacher preparation.
The collaboration will focus on financial literacy. Therefore, the funding will provide students and educators with the resources to “improve academic outcomes, build economic resilience, and thrive in a rapidly evolving job market.”
That said, Ripple notes that stablecoins represent over half of all onchain transaction volume in recent months, according to Chainalysis data. It argues that “the ability for charitable organizations to utilize these technologies directly within their own networks” will become increasingly valuable.
Ripple introduced RLUSD – a 1:1 USD-backed stablecoin fully collateralized by US dollar deposits, short-term US government treasuries, and other cash equivalents – in June 2024 and began beta testing in early August. It launched RLUSD in mid-December 2024.
Increasing Financial Literacy Rate
Ripple notes in the press release that teachers in the US have a hard time accessing necessary resources for their students due to the lack of funding for education. Yet, they need these resources in order to provide their students with the best economic opportunities for the future.
“Teachers are going the extra mile for their students’ education, even spending hundreds – sometimes thousands – of dollars out-of-pocket for their classrooms,” said Alix Guerrier, CEO of DonorsChoose. The CEO added that Ripple is directly providing teachers with the resources their students need.
Therefore, Ripple says that this latest partnership is a step in its plans to help boost financial literacy through “philanthropy and crypto-enabled solutions.” It adds that it has supported “hundreds” of nonprofits, fintechs, and universities through its University Blockchain Research Initiative.
Through this partnership, “students will not only get their hands on materials that will enhance their learning, but they will also have the tools to help set them on the path to a bright future,” Guerrier says.
Furthermore, Ripple claims that, since 2018, it has contributed more than $200 million to global initiatives. Also, nearly 80% of its employees have joined donations and volunteering programs.
According to Ripple CEO Brad Garlinghouse, the partnership will enable the company and the nonprofits to benefit thousands of classrooms across the US. “Together, we hope to inspire others to do the same,” he concludes.
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