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UNICross River Bank says it will bring Ripple's RLUSD into its banking system
Cross River Bank is teaming up with Ripple to let fintechs move money through traditional bank rails or the XRP Ledger using one connection, though the RLUSD services are limited to a few US states.
Why it matters: The partnership places a dollar-backed stablecoin inside a regulated US bank's existing payments technology, a step toward blockchain settlement sitting alongside conventional bank transfers.
Key points
- Cross River says fintechs can handle bank transfers, ACH payments, wire transfers and RLUSD transactions through a single connection.
- Adam Goller, Cross River's head of fintech banking, says customers can move between US dollars and RLUSD and manage funds 24 hours a day.
- RippleX senior vice president Markus Infanger says the XRP Ledger brings fast, low-cost settlement into Cross River's regulated platform.
Cross River Bank says it is bringing Ripple's RLUSD stablecoin into its banking system, according to a spokesperson who spoke to Bitcoin.com News on Thursday. The bank says the tie-up lets businesses send money using the dollar-backed token without building or running their own blockchain technology.
Cross River says the services are currently available in only a limited number of US states.
Cross River has become a link between crypto firms and traditional finance. Through its Banking-as-a-Service model, companies including Coinbase and Circle have connected to payment networks handling deposits, withdrawals and transfers, at a time when many conventional banks have stayed away from crypto because of regulatory uncertainty and compliance concerns.
Live updates on NewsFeeds:StablecoinsDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
How this was produced: an AI model wrote this summary of Bitcoin.com News’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.
Not investment advice. Read the risk disclaimer.