RLUSD Stablecoin Now Integrated into Bank of America Payments

Bank of America has announced the expansion of its partnership with Ripple by integrating the RLUSD stablecoin into its internal payment processes. RLUSD is a USD-backed stablecoin developed by Ripple.

The collaboration, initially launched to develop a blockchain-based cross-border payment network, has now been extended to include liquidity management solutions and operational cost optimization.

By using RLUSD, Bank of America aims to reduce settlement times and lower the costs associated with internal transactions. This new implementation reflects the growing interest of traditional financial institutions in using digital assets in daily operations, beyond speculative purposes.

Bank officials have not provided further information regarding the potential external use of the stablecoin. The adoption of RLUSD marks a significant step in the banking sector’s acceptance of stablecoins.