Jeonbuk Bank plans to use Ripple’s round-the-clock cross-border payment network for business remittances, although it remains unclear whether transactions will involve XRP or Ripple’s RLUSD stablecoin.
XRP slipped below the closely watched $1 threshold to around $0.98 during Asian trading hours Tuesday, marking its lowest level since November 2024.
The decline came as Ripple, the payments company strongly linked to XRP, announced another partnership in South Korea. Jeonbuk Bank has become the country’s first regional bank to implement Ripple Payments for international transfers.
The agreement follows Ripple’s earlier custody and digital wallet infrastructure partnerships with Kyobo Life Insurance and Kbank in 2026. Founded in 1969 and headquartered in Jeonju in southwestern South Korea, Jeonbuk Bank is the leading lender in its home region.
In a statement provided to CoinDesk, Ripple said its service enables cross-border settlement using stablecoins with near-instant processing, although it did not identify the specific digital asset involved.
Traditional international bank transfers typically move through intermediary institutions using the SWIFT messaging system and can take several days to settle. Ripple said its system can complete transfers within seconds or minutes and operates 24 hours a day. Jeonbuk Bank plans to make the service available to corporate customers, including importers, exporters, technology startups and digital content businesses.
Ripple Expands Korean Banking Partnerships
Fiona Murray, Ripple’s managing director for Asia Pacific, said the latest agreement highlights increasing interest in digital asset infrastructure among South Korean financial institutions.
She said banks are increasingly developing digital asset capabilities and seeking infrastructure providers that can support their operations over the long term. Murray also noted the important role regional banks play in supporting local economies.
Over the past year, Ripple has increasingly promoted RLUSD, its U.S. dollar-pegged stablecoin, as a settlement asset for institutional transactions.
CoinDesk contacted Ripple to determine whether Jeonbuk Bank will use XRP or RLUSD for the new service but had not received an immediate response.
The uncertainty over which asset is being used also highlights why Ripple’s expanding partnership network has not necessarily translated into stronger demand for XRP.
XRP Slides Despite Ripple’s Growing Institutional Footprint
XRP traded above $3 at its peak last year but has gradually weakened throughout August, eventually falling below $1, according to CoinDesk data.
The decline has occurred even as Ripple has continued adding partnerships with banks, custodians and asset managers.
The distinction is also visible on the XRP Ledger. Tokenized real-world assets on the network are valued at roughly $1.38 billion, with approximately $845 million represented by RLUSD, according to data reported by CoinDesk earlier this month.
That means RLUSD accounts for more than 60% of the total value of assets issued on the ledger.
Despite the weakness in spot prices, derivatives traders remain positioned for a potential rebound.
XRP futures open interest stood at roughly $2.78 billion this week. Binance data showed more than three accounts with long positions for every one holding a short position, while OKX showed a similar imbalance.
This bullish positioning comes even as discussions about XRP across social media have become increasingly negative, reaching their most bearish levels in about three months.
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