Ripple’s blockchain-powered RLUSD stablecoin drought insurance initiative has expanded its reach in Kenya, now covering 533 pastoralists.
The program, which successfully completed its pilot phase in Laikipia County initially covering 517 herders, utilizes satellite data to monitor vegetation conditions for triggering automated, conditional payouts.
These payouts are facilitated transparently via smart contracts on the Ethereum blockchain. Operating with a funding pool of $40,000 initially, the initiative is supported by Mercy Corps Ventures and the Arbitrum network, enhancing its operational framework.
Ripple’s RLUSD stablecoin, operating on the Ethereum blockchain with BNY Mellon serving as primary custodian, underpins the scheme. RLUSD currently has a reported market capitalization of $501 million.
A key focus of the program is promoting gender equity, aiming to significantly increase female participation among beneficiaries. The implementation involves collaboration with local organizations, including DIVA Donate, to support scaling efforts.