Overview
- The agreement, announced Tuesday, Aug. 18, makes Jeonbuk Bank the first South Korean regional bank to adopt Ripple Payments for business remittances and is Ripple’s third Korean deal in 2026.
- Ripple and Jeonbuk say the service will settle cross‑border business payments in seconds to minutes and operate around the clock, with Ripple Payments managing routing, foreign‑exchange conversion and settlement through one institutional connection.
- Neither party disclosed which settlement asset will be used—XRP, Ripple’s RLUSD stablecoin, a won stablecoin or fiat—nor did they publish initial payment corridors, fees, volumes or a customer launch timeline.
- XRP fell below $1 on the day of the announcement, but reporters say the omission of a named settlement asset and the lack of on‑chain transaction records mean the price move cannot be directly tied to the partnership.
- The deal extends Ripple’s Korea strategy that already includes Kbank and Kyobo Life and arrives as South Korea finalizes new digital‑asset rules that could shape whether banks use stablecoins, XRP, or fiat for on‑chain settlement.