Cross River Bank Links $2.4 Billion RLUSD to Core Banking System
Key Summary
Cross River Bank has integrated Ripple's US dollar-backed RLUSD stablecoin into its core banking platform, enabling fintechs to access dollar and RLUSD payments through a single API. The partnership expands capabilities for fintech customers and payment networks, reducing settlement delays and providing another settlement option.
Integration and Availability
Cross River Bank has added Ripple's US dollar-backed RLUSD stablecoin to its core banking platform, giving fintechs a route to stablecoin payments through the same connection they use for conventional banking services. The New Jersey bank announced the partnership on October 15 and says customers can now access RLUSD through one API without deploying blockchain infrastructure.
Market Impact and Availability
The arrangement opens a distribution channel for Ripple through a bank that supplies payments infrastructure to other financial businesses. Cross River is extending its existing stablecoin platform, positioning RLUSD as an additional payment rail for fintech customers and payment networks. RLUSD had a market capitalization of about $2.4 billion as of October 16.
Core Operating System and Settlement Times
Cross River handles the integration with the blockchain payment network, allowing customers to access RLUSD alongside conventional payment options through that connection. The company cites XRP Ledger settlement times of three to five seconds. ACH, wires and other conventional rails remain separate options reached through its proprietary Core Operating System (COS).
Partnership and Market Context
The deal follows other efforts to distribute RLUSD through established banks. On October 12, Standard Chartered launched RLUSD custody for eligible institutional clients holding XRPL-issued RLUSD through its Dubai International Financial Centre branch, with a separate LMAX collateral integration still planned. Cross River's partnership extends that banking presence into payments and settlement.
Expert Insights
Markus Infanger, senior vice president of RippleX at Ripple, described the partnership as a way to make stablecoins part of the banking infrastructure businesses already use. The proposition is access through an established banking relationship, with the bank providing the connection to on-chain settlement.
Market Context
RLUSD had a market capitalization of about $2.4 billion as of October 16. Ripple USD is -0.01% over the past 24 hours and currently sits at rank #38 by market cap.