BNY Mellon Adds XRP and RLUSD Custody Support, Expanding Ripple Partnership
BNY Mellon now offers custody services for XRP and Ripple's USD stablecoin RLUSD to eligible institutional clients. The expansion builds on an existing reserve-custody relationship and opens potential use cases in tokenized trade finance.
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Custody Support Now Live
BNY Mellon announced custody support for XRP and RLUSD, Ripple's USD-backed stablecoin, for qualifying institutional clients. The service extends BNY's existing reserve-custody arrangement with Ripple into broader digital-asset holdings. Eligible clients can now hold both assets through BNY's infrastructure, though transfers of existing token positions would not trigger additional purchases or redemptions.
Expanding Beyond Custody
According to reporting on the expanded partnership, BNY and Ripple are exploring tokenized trade-finance applications beyond simple custody. The relationship marks a deepening of the two firms' collaboration, moving from reserve backing into wider digital-asset servicing. No timeline was provided for the launch of trade-finance products, and details on custodial fee structures remain undisclosed.
Why It Matters
For Traders
XRP custody at a major U.S. bank lowers friction for institutional entry but does not immediately signal new demand or price drivers.
For Investors
Institutional custody infrastructure broadens XRP's addressable market and may reduce perceived custody risk for long-term holders considering large positions.
For Builders
Stablecoin custody at a major custodian validates tokenized-finance infrastructure maturity; RLUSD accessibility through traditional banking channels may accelerate trade-finance dApp adoption.
This article is for information only and is not financial advice. Read the full disclaimer.
