Ripple has signed an agreement with Cross River Bank to integrate its RLUSD stablecoin into a single banking platform for U.S. dollar transfers, cross-border payments, and 24/7 settlement on the XRP Ledger.
- Cross River will integrate RLUSD into its Core Operating System through a single API connection.
- Fintech customers will be able to use stablecoins for transfers, in addition to ACH, wire transfers, and real-time payment services.
- The bank stated that its services are currently available only in certain U.S. states.
- Ripple's recent protocol updates also cover brokerage settlement, institutional custody, and wallet tools for application developers.
Cross River announced the partnership on October 15, stating that fintech companies will be able to convert between USD and RLUSD through its existing banking infrastructure. Under the agreement, the bank will integrate this stablecoin into its proprietary Core Operating System, or COS, with transactions supported by the XRP Ledger.
For businesses using the platform, Cross River stated that customers can access blockchain payment capabilities without having to build separate blockchain infrastructure. The bank said its integration approach will use an API to connect RLUSD transfers with ACH, wire transfers, and real-time payments.
Cross River will connect RLUSD with its existing banking payment services.
In its payment network services, Cross River stated that RLUSD will provide an alternative for issuers and acquirers to settle funds intra-day. The bank expects this integration to reduce settlement delays while enabling international payments and fund transfers outside standard banking hours.
Adam Goller, Head of FinTech Banking at Cross River, explained the service:
Enterprises should not rely on multiple different service providers to transfer funds globally.
Goller said the agreement builds on the bank’s existing stablecoin capabilities, enabling fintech customers to convert between USD and RLUSD on the same platform using traditional payment methods.
According to the announcement, XRP Ledger transactions typically settle in three to five seconds, with fees amounting to just a fraction of a cent, and operate 24/7. The announcement also stated that the cumulative settlement value on this ledger has exceeded $1.3 trillion.
For businesses considering using this service in the United States, Cross River states that its services are currently available only in select states.
Markus Infanger, Senior Vice President at RippleX, stated that stablecoins will become part of the "banking infrastructure that enterprises are already using." He said connecting RLUSD to Cross River’s regulated platform could streamline international and round-the-clock transfers for fintech companies.
The supply of RLUSD is expanding under New York regulation.
In addition to the bank partnership announcement, the two companies stated that the market capitalization of RLUSD has exceeded $2.5 billion, with over $1 billion issued on the XRP Ledger.
According to crypto.news on September 26, the supply of RLUSD is nearing $2.5 billion, with CoinMarketCap showing a circulating supply of nearly 2.49 billion tokens. Ripple previously stated that this stablecoin surpassed a $2 billion market cap in late August.
According to the September snapshot, data cited from DefiLlama showed that the total supply of stablecoins on the XRP Ledger approached $1.19 billion. RLUSD accounted for approximately $1.1 billion, or over 92% of the total tracked supply, with the remaining RLUSD supply circulating on other networks.
Regarding the U.S. issuance structure, Ripple has designated Standard Custody & Trust Company as the issuer of RLUSD. This subsidiary holds a limited-purpose trust charter under the regulation of the New York State Department of Financial Services.
According to Ripple’s transparency disclosures, RLUSD reserves are independently attested monthly. The snapshot published on September 24 showed approximately 2.409 billion tokens in circulation, with reserves totaling approximately $2.5315 billion.
DriveWealth plans to settle RLUSD before launching in the United States.
In another agreement announced on October 14, Ripple partnered with DriveWealth to introduce RLUSD settlement and payments within a brokerage infrastructure network serving more than 100 partners worldwide.
According to both parties, the settlement integration will initially launch in Europe, with plans to expand to the United States afterward. The arrangement includes RLUSD on the XRP Ledger, along with tools for creating and redeeming this stablecoin.
For the collateral account, the announcement states that stablecoin deposits can be converted to cash near real-time. Through Ripple Payments, DriveWealth also plans to receive cross-border funds from international partners via its investment infrastructure.
When explaining the funding issue, both companies noted that U.S. stocks settle one business day after trade, while international dollar transfers may take longer. Naureen Hassan, CEO of DriveWealth, said the company aims to support account funding for customers already using its 24/5 trading service.
The agreement also covers digital asset custody in Europe, and both parties indicated that they plan to gradually expand into additional markets. Additionally, they are exploring equity financing through Ripple Prime’s Delta One business.
Standard Chartered custody is now live; collateral operations are still in progress.
On October 12, Standard Chartered launched an institutional-grade RLUSD custody service on the XRP Ledger through its Dubai International Financial Centre branch.
The bank stated that eligible institutional clients can hold this stablecoin through the service, which is regulated by the Dubai Financial Services Authority. Standard Chartered is also collaborating with Ripple and LMAX Group to advance another collateral arrangement.
Under the proposed structure, the bank stated that clients can use eligible RLUSD positions to support trading positions while keeping the underlying tokens under their custody. The scheme is still subject to testing, final legal documentation, internal approvals, and applicable regulatory requirements.
For application developers, Privy, a subsidiary of Stripe, announced on October 13, through its partnership with Ripple, the launch of an XRP Ledger wallet tool. The service provider stated that developers will be able to create wallets, manage wallets via software, and sign transactions involving XRP, RLUSD, and other assets on the ledger.
In consumer-facing applications, Privy states that its embedded wallets support stablecoin payments without requiring customers to manage their own cryptographic keys. The announcement also notes that for businesses building AI agents and making payments through systems like x402, Privy offers server-side wallets.