Banks Outline RLUSD Services as Ripple Adds Swaps and XRP Falls to $1.27

Two banks outlined new institutional services involving Ripple USD (RLUSD), while Ripple introduced perpetual swaps and XRP sank to a monthly low of $1.27 during the Oct. 17 flash crash.

Standard Chartered announced Oct. 12 that its Dubai International Financial Centre branch would provide institutional custody for RLUSD on the XRP Ledger. A planned arrangement with Ripple and LMAX Group could also make RLUSD eligible as collateral for selected institutional trading products.

Ripple added round-the-clock perpetual swaps tied to real-world assets to its prime brokerage platform. The launch gives institutional clients exposure to more than 100 markets tied to stocks, exchange-traded funds, commodities and currencies.

Cross River Bank announced Oct. 16 that it plans to add RLUSD and XRP Ledger settlement to its banking infrastructure. Its proposed service would let eligible businesses move funds between dollars and RLUSD, send cross-border payments and handle treasury movements through one API.

Evernorth Holdings began trading on Nasdaq as XRPN on Oct. 12, following completion of its SPAC merger. Its shares opened near $16.70, briefly reached $19.40 and closed below $17. Friday's close was $15.45.

Evernorth entered public trading with about 473 million XRP in treasury holdings. Its gross cash proceeds totaled $300 million.