Cross River is integrating Ripple’s RLUSD, a stablecoin backed by US dollars, into its proprietary Core Operating System, the bank said on 15 October. The integration supports transactions on the XRP Ledger.
Fintech clients will access RLUSD through a single API connection, without running their own blockchain infrastructure. On the same platform they can convert between US dollars and RLUSD, settle cross-border payments and treasury movements 24 hours a day, and use ACH, wires and real time payments.
Cross River is also offering the integration to payment networks, allowing card issuers and acquirers to settle intraday.
The service is currently available only in a limited number of states. RLUSD has a market capitalisation of more than $2.5 billion, with more than $1 billion issued on the XRP Ledger.
“Businesses shouldn’t have to rely on several different providers to move money across the globe,” said Adam Goller, Head of Fintech Banking at Cross River. He said the integration builds on stablecoin capabilities the bank already had in development.
Digital Trade Outlook’s View: Stablecoins Are Now Core Plumbing
Cross River has put RLUSD in its core ledger next to ACH and wires, not in a side product. Fintechs can drop the separate crypto provider and settlement partner they pay today. The middlemen between banks and blockchains are the ones squeezed, and every sponsor bank that copies this shrinks their market further.
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Image: Cross River, Ripple