Standard Chartered Starts RLUSD Custody in Dubai, Plans Trading Link

Standard Chartered has begun holding Ripple USD (RLUSD) for institutional clients in Dubai, while preparing a system that would let them use the stablecoin as trading collateral without transferring it to a trading venue.

The custody service operates through the bank’s Dubai International Financial Centre branch, which is regulated by the Dubai Financial Services Authority. It covers RLUSD issued on the XRP Ledger.

Standard Chartered is working with Ripple and LMAX Group on the planned collateral arrangement. Under the model, Standard Chartered would keep the RLUSD in custody while LMAX receives a mirrored record of its value for eligible trading clients.

The collateral function is not live. Its launch remains subject to final documentation, testing, applicable laws and regulations, internal approvals and readiness in relevant jurisdictions.

The Dubai regulator approved RLUSD as a recognized crypto token for use in the DIFC in June 2025. Ripple and LMAX announced a broader partnership in January that included RLUSD collateral use across LMAX’s institutional trading infrastructure and $150 million in financing from Ripple to support LMAX’s growth.