š A stablecoin entered a bankās core ledger. The token price didnāt move.
On October 15, New Jerseyās Cross River Bank announced that it had integrated Rippleās dollar stablecoin RLUSD into its proprietary core system, COS, with settlement on the XRP Ledger.
The key is a single API. Businesses donāt have to build their own on-chain infrastructure to move funds between dollars and RLUSD, make cross-border payments, or transfer funds outside banking hours. ACH, wire transfers, and real-time payments are all on one platform. Cross River says RLUSD has become a new payment rail.
The bank is an FDIC-insured commercial bank that provides back-office services for fintech companies. Its customers are businesses. By opening up its core system, it lets those business customers send and receive stablecoins directly.
Hereās the scale: RLUSD has just over $2.4 billion in circulation (Rippleās transparency page put it at $2.406 billion on October 15; DefiLlama at $2.433 billion; a company release once rounded it to $2.5 billion), with more than $1 billion on the XRP Ledger. Itās issued by Ripple subsidiary Standard Custody, which holds a New York limited-purpose trust charter and is regulated by the state Department of Financial Services. Reserves are held in segregated accounts, with monthly attestations by an independent accounting firm. That disclosure reported $2.535 billion in reserves, $128 million more than the amount in circulation.
Itās tiny compared with the overall market: USDT at $183.5 billion and USDC at $72.6 billion. RLUSD is 1.3% the size of USDT. Thatās all.
The XRP Ledgerās selling points are speed and low cost: 3 to 5 seconds per transaction, fees under one cent, and $1.3 trillion in cumulative settlement volume.
Both sides were direct in their remarks. Cross Riverās head of fintech banking, Adam Goller, said businesses shouldnāt have to work with several providers just to move money across borders. RippleX senior vice president Markus Infangerās point was that stablecoins only matter if theyāre integrated into the banking infrastructure businesses already use.
The limits are spelled out in the official announcement itself. The service is currently available in only a handful of U.S. states. Thatās the extent of it.
As I write this, three BTC price sources put it between $81,683 and $81,796, down around 0.6%. ETH is between $2,424 and $2,427. XRP is at $1.3116, down 1.9%, underperforming the broader market.
The rail is connected. The token didnāt move. Thatās it.
A bank using a stablecoin as a payment rail and a bank propping up its price are two different things. To see whether this rail can actually handle the traffic, weāll need to see whether businesses move cross-border payments onto itāand which coin the next bank adopts.
$BTC $ETH
#äøę¬čŖå½é ē¤¾åŗBaoluoåøåčµę¬ #Bitcoin #Stablecoin
On October 15, New Jerseyās Cross River Bank announced that it had integrated Rippleās dollar stablecoin RLUSD into its proprietary core system, COS, with settlement on the XRP Ledger.
The key is a single API. Businesses donāt have to build their own on-chain infrastructure to move funds between dollars and RLUSD, make cross-border payments, or transfer funds outside banking hours. ACH, wire transfers, and real-time payments are all on one platform. Cross River says RLUSD has become a new payment rail.
The bank is an FDIC-insured commercial bank that provides back-office services for fintech companies. Its customers are businesses. By opening up its core system, it lets those business customers send and receive stablecoins directly.
Hereās the scale: RLUSD has just over $2.4 billion in circulation (Rippleās transparency page put it at $2.406 billion on October 15; DefiLlama at $2.433 billion; a company release once rounded it to $2.5 billion), with more than $1 billion on the XRP Ledger. Itās issued by Ripple subsidiary Standard Custody, which holds a New York limited-purpose trust charter and is regulated by the state Department of Financial Services. Reserves are held in segregated accounts, with monthly attestations by an independent accounting firm. That disclosure reported $2.535 billion in reserves, $128 million more than the amount in circulation.
Itās tiny compared with the overall market: USDT at $183.5 billion and USDC at $72.6 billion. RLUSD is 1.3% the size of USDT. Thatās all.
The XRP Ledgerās selling points are speed and low cost: 3 to 5 seconds per transaction, fees under one cent, and $1.3 trillion in cumulative settlement volume.
Both sides were direct in their remarks. Cross Riverās head of fintech banking, Adam Goller, said businesses shouldnāt have to work with several providers just to move money across borders. RippleX senior vice president Markus Infangerās point was that stablecoins only matter if theyāre integrated into the banking infrastructure businesses already use.
The limits are spelled out in the official announcement itself. The service is currently available in only a handful of U.S. states. Thatās the extent of it.
As I write this, three BTC price sources put it between $81,683 and $81,796, down around 0.6%. ETH is between $2,424 and $2,427. XRP is at $1.3116, down 1.9%, underperforming the broader market.
The rail is connected. The token didnāt move. Thatās it.
A bank using a stablecoin as a payment rail and a bank propping up its price are two different things. To see whether this rail can actually handle the traffic, weāll need to see whether businesses move cross-border payments onto itāand which coin the next bank adopts.
$BTC $ETH
#äøę¬čŖå½é ē¤¾åŗBaoluoåøåčµę¬ #Bitcoin #Stablecoin