Cross River Bank integrates Ripple RLUSD stablecoin into core platform

Cross River Bank has integrated Ripple's US dollar backed stablecoin, RLUSD, into its core banking platform with support for the XRP Ledger, according to CryptoSlate. The New Jersey financial institution announced the agreement on Oct. 15, allowing financial technology companies to access traditional US dollar transactions and RLUSD payments through a single application programming interface. [1][2][3][4][5][6][7]

CryptoSlate reported that customers using the platform can access the $2.4 billion RLUSD stablecoin through the bank interface without deploying their own blockchain infrastructure. However, the service is currently restricted to a limited number of US states, which were not specified in the release. [1][3]

Based in Fort Lee, New Jersey, Cross River Bank is an FDIC member that provides technology infrastructure and embedded payment services to fintech businesses. San Francisco based Ripple Labs, which was founded in 2012, issues the RLUSD stablecoin alongside its enterprise blockchain products. [7][8]

The RLUSD stablecoin operates under a trust charter from the New York Department of Financial Services, which granted approval on Dec. 10, 2024. The token has also received regulatory recognition from authorities in Dubai and Abu Dhabi for use in their international financial hubs. [10]