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BNY now supports XRP and Ripple’s RLUSD stablecoin on its digital asset custody platform for eligible institutional clients, according to an October 27 announcement by Ripple and BNY. The companies also said they intend to explore tokenized trade finance and other services on the XRP Ledger.
Custody means a financial institution can hold and transfer digital assets for eligible clients within its servicing arrangements. The announcement builds on BNY’s existing role as a primary custodian of reserves backing RLUSD and its custody relationship with Ripple Prime. Those existing relationships should not be confused with custody of the stablecoin or XRP themselves.
The companies describe additional work that is not yet a completed offering. BNY intends to broaden support for tokenized assets and investment products issued on the XRP Ledger and work with Ripple to enable its clients to mint and redeem RLUSD directly through BNY. The announcement does not supply a launch date or terms for that proposed service.
The partners also intend to advance tokenized trade finance, subject to client requirements. As an initial step, Ripple and BNY are exploring a supply-chain financing initiative with working-capital platform C2FO. The proposed work concerns assets such as approved receivables, which represent money owed to suppliers. Ripple and C2FO separately announced an Instant Pay initiative involving RLUSD settlement; C2FO says a limited rollout is planned over the coming months.
For readers, the practical distinction is between custody support described as available to eligible institutional clients and potential future uses of that infrastructure. The announcement does not disclose how much XRP or RLUSD BNY holds for clients, the number of clients using the service, completed tokenized trade-finance transactions, or purchases of XRP. BNY’s firm-wide assets under custody are not assets committed to this collaboration.
The scope is institutional, and the companies’ descriptions are not independent tests of the custody platform or evidence that a retail customer can use it. Wider access, pricing, client uptake and the results of the proposed financing work remain to be established.
Sources & evidence
Ripple and BNY — October 27 joint announcement ↗
Ripple and C2FO — supplier financing announcement ↗
Author disclosure
AI assisted research and drafting from the companies’ original announcements. No interviews or independent custody tests were conducted. RailsRecord is a Joaico publication; relevant publisher holdings have not been established.
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Identify this article and the disputed claim in a correction request to corrections@railsrecord.com ↗. The publisher reviews supporting primary evidence.
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