BNY has added XRP and Ripple’s dollar-backed RLUSD stablecoin to its Digital Asset Custody platform, widening its partnership with Ripple. The companies announced the changes on October 27, alongside proposed work on trade finance and digital payments.
Eligible institutional customers can now hold and transfer XRP and RLUSD using the bank’s existing custody controls. The offering is aimed at institutions rather than retail users. BNY already holds reserves backing RLUSD and provides custody services connected to Ripple Prime; the expanded service adds access to the two tokens rather than replacing those earlier arrangements.
Institutional custody expansion
Ripple puts RLUSD’s total market value near $2.5 billion. An October 23 report on falling XRP Ledger stablecoin supply measured tokens held on that network, not RLUSD circulating across different blockchains.
BNY and Ripple also plan to examine how trade receivables can be represented digitally on the XRP Ledger. Trade receivables are payments owed to suppliers for goods or services already delivered. Tokenization records a claim digitally, while the underlying invoice remains tied to the buyer’s payment obligation.
Their proposed work with working-capital provider C2FO aims to make those assets easier for investors to access. The companies have not announced a launch date or completed transactions under that proposed arrangement.
C2FO Instant Pay
In a separate announcement, Ripple and C2FO outlined C2FO Instant Pay, which would use RLUSD to settle financed invoices on the XRP Ledger. Ripple is also involved in a separate Singapore trade payment initiative using the stablecoin.
Under the planned service, participating funding providers would pay approved invoices early. Suppliers could receive funds within seconds after financing, while the invoice’s original due date would remain unchanged. C2FO is accepting expressions of interest.
Direct RLUSD access planned
The expansion follows Ripple’s final U.S. trust bank approval, announced on October 26. The planned bank will work with RLUSD reserves and institutional custody. BNY remains RLUSD’s primary reserve custodian.
BNY also intends to let eligible clients create and redeem RLUSD through the bank and support more tokenized investment products. Neither company gave a timetable for those additions. Ripple President Monica Long said the focus is on putting tokenized assets to work in payments and collateral.
