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Ripple and BNY Expand Digital Custody Partnership to Cover XRP and RLUSD

CoinDesk reports that Ripple and BNY have expanded their digital custody partnership to include XRP and RLUSD. The companies said in a joint statement that the collaboration also covers stablecoin minting and redemption and a tokenized trade finance initiative. They said the partnership is moving beyond custody of digital assets toward their use in payments, collateral and investment products. BNY digital asset custody platform will support XRP and Ripple stablecoin RLUSD. The expanded tie-up broadens institutional custody offerings at both companies and strengthens blockchain-based financial services. BNY also plans to let clients mint and redeem RLUSD directly through its services. That capability is planned and separate from the custody support previously disclosed. BNY is currently the primary reserve custodian for RLUSD and has a custodial relationship with Ripple Prime. Ripple broader custody collaboration with BNY builds on those arrangements, which include custody of stablecoin reserves and independent relationships with Ripple Prime. As the partnership expands, the two parties plan to add support for tokenized assets and investment products on the XRP Ledger, or XRPL, and to advance tokenized trade finance on the network. One initiative will explore supply chain financing projects with C2FO, a working capital platform, to broaden investor access to approved receivables. Ripple estimates RLUSD market capitalization at about $2.5 billion. The joint statement said the XRPL has processed more than 4.6 billion transactions since launch, with settlement taking about 3 to 5 seconds. Ripple President Monica Long said the partnership aims to give tokenized assets a purpose beyond initial issuance, making them usable for payments and collateral in financial markets. Carolyn Weinberg, BNY chief innovation and market transformation officer, said future market infrastructure will connect payments, liquidity, collateral and securities through a bridge between traditional systems and 24/7 blockchain technology. This article was generated with the assistance of artificial intelligence and reviewed by the editorial team.
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