Cross River adds Ripple’s RLUSD to its banking platform
Cross River says fintechs can access Ripple’s RLUSD through its banking platform and one API, adding a stablecoin route for payments and treasury transfers around the clock.
The Blockheight Editors··2 min read
Cross River Bank announced on October 15 that it is integrating Ripple’s dollar-backed RLUSD stablecoin into its Core Operating System, letting fintech customers access RLUSD payments through one API, according to Cross River’s announcement. The integration supports transactions on the XRP Ledger (XRPL), a public blockchain, and adds a stablecoin payment rail to the bank’s platform.
What payment services does the integration support?
Cross River says customers can move between U.S. dollars and RLUSD, make cross-border payments and treasury transfers around the clock, and access ACH, wire and real-time payments through the same platform and API. The bank says customers can use the stablecoin without deploying their own blockchain infrastructure.
The Paypers reported on the integration on October 16 and said the service is live but available only in certain U.S. states. Cross River’s announcement likewise says services are currently available in limited states, without naming them.
How does the XRP Ledger fit into the service?
RLUSD transactions in the integration run on the XRPL. Cross River says XRPL transactions settle in three to five seconds, cost a fraction of a cent and can move 24 hours a day. The bank says the combination gives payment networks another settlement option for intraday transfers and may reduce settlement delays.
Cross River cited RLUSD’s market capitalization at more than $2.5 billion, with more than $1 billion issued on the XRPL. Those figures were stated in the bank’s announcement; it did not provide a separate breakdown or verification there. Cross River described the integration as an expansion of stablecoin capabilities already in development.
What happens next for customers?
Fintech customers in the states where the service is available can access RLUSD through Cross River’s platform, according to the bank. The announcement did not specify which states are included or give a timeline for broader availability.
Source material
- Cross River’s announcement — crossriver.com
- reported on the integration — thepaypers.com