BNY Begins XRP and RLUSD Custody for Eligible Institutions

BNY has started offering custody for XRP and RLUSD, Ripple’s U.S. dollar stablecoin, to eligible institutional clients, giving them a way to hold and transfer both assets through the bank’s digital asset platform.

The service is limited to eligible institutions. The expansion builds on BNY’s existing custody of RLUSD reserves and its custody relationship with Ripple Prime. BNY and Ripple are also working toward a future option for clients to mint and redeem RLUSD through BNY.

Separately, BNY plans to broaden its support for tokenized assets and investment products on the XRP Ledger (XRPL). It is also exploring supply-chain finance applications on XRPL with Ripple and C2FO, a working-capital platform. The group is considering tokenizing trade-finance assets, including receivables, to expand ways for investors to participate.

Custody is available now to eligible institutions, while RLUSD issuance and redemption and the XRPL finance work remain future plans or exploratory efforts.