Cross River Adds Ripple’s RLUSD to Banking Platform

Cross River Bank is adding Ripple’s RLUSD stablecoin to its banking platform, allowing fintech clients in a limited number of U.S. states to access stablecoin transfers alongside conventional payment services through one API, the bank said October 15. The integration connects RLUSD, a U.S. dollar-backed stablecoin, with Cross River’s proprietary Core Operating System and the XRP Ledger. Cross River said clients will be able to move between U.S. dollars and RLUSD, make cross-border payments and manage treasury transfers through the same platform used for automated clearing house transfers, wires and real-time payments. The bank said the service is intended to let fintech companies and payment networks use blockchain-based settlement without building their own blockchain infrastructure. It described the arrangement as an additional payment option within its existing system. The offering is available in only a limited number of states, but Cross River did not identify them or provide a timetable for broader access. The announcement establishes the integration, but the companies have not named initial customers or reported transaction volumes for the RLUSD service. The available...