Quick Read – Ripple signed Jeonbuk Bank as Korea’s first regional Ripple Payments client, but neither party disclosed XRP as the settlement asset. – KB Financial settled a Vietnam remittance in under 3 minutes at 87% lower cost using stablecoin-to-stablecoin conversion, directly…
mpeting with XRP’s bridge function. – Every Korean payment pilot so far has paired with Kaia, Circle, or Solana, leaving the XRP Ledger without a single Korean won stablecoin partner. – Ripple announced an agreement with Jeonbuk Bank in Seoul on August 18, making it the first regional lender in Korea to deploy Ripple Payments. Jeonbuk’s business customers had been sending money over SWIFT, which is the messaging network banks have used for cross-border transfers since the 1970s, but a payment can take days
Meanwhile, Ripple Payments clears in seconds and runs around the clock. Despite the news, the XRP (CRYPTO:XRP) price fell on the same day. The token slipped to 98 cents in Asian trading hours, its lowest since November 2024, before recovering to $1.01.
Will the Jeonbuk deal do anything for XRP? What the Jeonbuk Bank Deal Covers Jeonbuk Bank will use Ripple Payments for cross-border remittances on behalf of its business customers, which Ripple lists as import-export companies, IT startups and online content creators. Those are firms that have been sending money through correspondent banking, where a payment hops between intermediary banks and takes days to arrive.