Ripple Brings RLUSD to Cross River Bank as Garlinghouse Backs Evernorth’s XRP Strategy

Announced on October 15, the Cross River partnership integrates Ripple USD (RLUSD) into the bank’s proprietary Core Operating System. The arrangement allows fintech clients to access stablecoin payments through a single API alongside traditional payment services, including ACH transfers, wire payments, and real-time payment networks. It is designed to simplify access to blockchain-based settlement without requiring businesses to build their own blockchain infrastructure.

Ripple is integrating RLUSD on the XRP Ledger into Cross River Bank’s payment system, giving fintechs access through a single API. Source: @Ripple via X

The development coincides with Garlinghouse’s remarks at Evernorth’s Nasdaq closing bell ceremony on October 14, where he discussed Ripple’s contribution of XRP and the investment firm’s plans for the broader XRP ecosystem. Together, the developments highlight two approaches to expanding institutional participation: integrating stablecoins into existing banking infrastructure and exploring investment strategies built around XRP. 

RLUSD is backed one-to-one by US dollars and equivalent reserve assets, with issuance handled by a trust company supervised by the New York State Department of Financial Services. Cross River said RLUSD’s market capitalization had exceeded $2.5 billion, with more than $1 billion issued on the XRP Ledger. The network supports transaction settlement in approximately three to five seconds at a fraction of a cent, providing the technical foundation for around-the-clock transfers. 

Garlinghouse said Ripple’s XRP contribution to Evernorth reflects its broader effort to support the digital asset’s ecosystem and the businesses developing applications around it. He also reiterated that Ripple sees opportunities across multiple blockchain networks, rather than limiting its activities to a single chain.

Brad Garlinghouse discusses Ripple’s XRP contribution to Evernorth to support the community and on-chain activity during the closing bell ceremony. Source: @Vet_X0 via X

“We do believe in a multi-chain world,” Garlinghouse said during the ceremony, according to remarks shared by XRP Ledger validator Vet. He also expressed confidence that the XRP Ledger would develop distinctive uses within the digital asset industry, particularly as payment infrastructure and institutional services expand.

He highlighted Evernorth’s leadership under Asheesh Birla, whom he praised for his experience in strategy, talent development, and business management. Garlinghouse’s comments framed Ripple’s support as an investment in both the people developing the ecosystem and the potential applications they aim to bring to market.

Evernorth completed its business combination with Armada Acquisition Corp. II on October 9, subsequently beginning Nasdaq trading under the ticker XRPN on October 12. At closing, the company reported holdings of approximately 473 million XRP and about $300 million in gross cash proceeds, before transaction expenses. Its investor group includes Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR. 

Garlinghouse also discussed the potential for Evernorth to develop investment products that go beyond traditional XRP buy-and-hold strategies. Such offerings could combine activity on the XRP Ledger with financial strategies conducted outside the blockchain, giving institutional investors additional ways to participate in the XRP economy.

“You’re going to see some interesting leverage and yield opportunities, some on-chain, some off-chain,” Garlinghouse said. He did not identify specific products or provide a launch timeline during the remarks. The statement therefore outlines a potential direction for Evernorth’s strategy rather than confirming that particular yield products are available. 

Evernorth’s stated business strategy provides further context. The company plans to deploy capital across the XRP ecosystem, support infrastructure development, and pursue institutional and decentralized finance (DeFi) strategies designed to increase the amount of XRP represented by each share over time. Its public listing also creates a stock-market route for investors seeking exposure to an XRP-focused treasury company without directly holding the token. These objectives remain subject to execution, market conditions, and the risks associated with digital assets.

Ripple’s support for Evernorth and its partnership with Cross River address different parts of the XRP ecosystem. The bank integration focuses on using RLUSD for payments and settlement within existing financial infrastructure, while Evernorth intends to deploy capital toward XRP-related applications and investment strategies. Neither announcement establishes that the two initiatives are directly connected, but both reflect efforts to expand the asset ecosystem’s institutional reach.

The Cross River Bank and Ripple partnership combines traditional payment systems with stablecoin functionality, offering businesses more flexible payment solutions. Source: @crossriverbank via X

For Cross River, the practical objective is to make stablecoin transfers accessible through infrastructure that fintech businesses already use. Adam Goller, the bank’s head of fintech banking, said the partnership “eliminates that complexity and makes payments simpler.” The integration supports transfers between US dollars and RLUSD, cross-border payments, and treasury movements around the clock. However, Cross River stated that the service is currently available only in a limited number of US states. 

Ripple’s contribution to Evernorth, meanwhile, supports a model that combines XRP holdings with participation in the wider digital asset economy. Whether this approach generates sustainable returns will depend on the company’s execution and the performance of its investment activities. Similarly, the potential benefits of RLUSD integration will depend on adoption by eligible fintech clients and the payment volumes moving through the platform.

Taken together, the developments highlight Ripple’s efforts to expand the practical uses of its digital asset ecosystem through banking integrations and institutional investment vehicles. The longer-term outcome will depend on whether these initiatives translate into sustained payment activity, broader institutional participation, and viable financial products.