From CryptoPotato · By Chayanika Deka
New Jersey-based Cross River Bank has partnered with Ripple to bring RLUSD into its banking platform.
The integration will support transactions on the XRP Ledger and allow customers to use the stablecoin alongside traditional payment methods.
RLUSD Joins Cross River’s Payment Rails
Cross River will integrate RLUSD into its Core Operating System, which connects financial services with payment networks. The goal is to give payment providers more flexibility when settling transactions. Businesses will be able to move funds between US dollars and Ripple’s stablecoin, handle cross-border payments, and manage treasury transfers around the clock. They will also be able to access traditional services such as ACH, wire transfers, and real-time payments through a single banking platform.
One of the main changes is that customers can access RLUSD through a single API connection. The partnership will give businesses another way to settle payments faster and reduce delays. Transactions on the XRP Ledger take around three to five seconds to settle and cost a fraction of a cent, according to the announcement.
Commenting on the development, Markus Infanger, SVP, RippleX at Ripple, said that stablecoins won’t transform payments through parallel financial systems. They can do it by becoming part of the banking infrastructure businesses already use. He went on to add,
“Cross River is at the forefront of putting that into practice by bringing RLUSD and the XRP Ledger’s fast, low-cost settlement into its regulated banking platform. That combination can make it easier for fintechs to move money in real time, across borders and around the clock, while keeping the experience simple for the businesses and customers they serve.”
The latest offering is currently available only in certain US states.
Adoption Across Finance
Standard Chartered launched custody support for the stablecoin through its DIFC branch in Dubai, to give eligible clients access to the bank’s digital asset custody services this week. It is also working with Ripple and LMAX Group to make RLUSD eligible collateral for selected LMAX products and services.
Under the setup, the value of RLUSD held in custody could be reflected at the trading venue without moving the tokens themselves. The companies said this could reduce transfer-related risks, improve how counterparty exposure is managed, as well as help institutions use their capital more efficiently.
In July, Ripple also unveiled Ripple Mint, a platform that lets institutions mint, redeem, and manage RLUSD in one place. It also allows them to move the stablecoin across supported blockchains and track transactions, which is expected to make it easier to use RLUSD for payments, trading, and treasury operations. Earlier, Japan’s Financial Services Agency (JFSA) approved the token for use in the country through SBI VC Trade.