Cross River Bank has signed an agreement with Ripple to connect the RLUSD stablecoin to its banking services on the XRP Ledger. The deal lets fintech companies use blockchain payments, cross-border transfers and settlement through one banking platform. The services are currently available only in limited U.S. states.
Cross River Bank signed an agreement with Ripple to bring RLUSD onto its banking services over the XRP Ledger. Fintech companies will reach blockchain payments, cross-border transfers and settlement services through a single banking platform.
RLUSD plugs into Cross River's operating system
According to Cross River, RLUSD will be integrated into its proprietary Core Operating System, linking traditional banking services with blockchain payments. Companies will be able to move money between USD and RLUSD without maintaining multiple blockchain systems.
The platform will support ACH transfers, wire payments and real-time settlement through a single API connection. Businesses will also process international payments and make treasury transfers outside banking hours.
Adam Goller, Cross River's Head of Fintech Banking, said the partnership would reduce the need for multiple payment providers.
XRP Ledger handles the settlement
The XRP Ledger will provide the blockchain infrastructure behind RLUSD transactions in Cross River's payment system. According to the companies, XRPL transactions typically settle within three to five seconds and cost fractions of a cent.
The network runs around the clock, so companies can start transfers when traditional banking systems are down. Cross River aims to reach intraday settlement and cut delays in cross-border transactions.
RippleX Senior Vice President Markus Infanger said stablecoins will change payments by becoming part of the banking infrastructure that businesses already use, not by running on parallel financial systems.
RLUSD market capitalization passes $2.5 billion
Ripple reported that RLUSD has surpassed $2.5 billion in market capitalization, including more than $1 billion issued on XRPL. The company also stated that the XRP Ledger has processed more than $1.3 trillion in settlement value.
Cross River already operates stablecoin payment infrastructure that connects blockchain networks with regulated banking services. Adding RLUSD gives its business customers another settlement option while keeping access to conventional payment rails.
However, Cross River confirmed the services are currently available only in limited U.S. states.
Source: CoinGape
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