BNY Expands Ripple Partnership to Add XRP and RLUSD…
By Abdelaziz Fathi
AI summary of the source article
BNY has expanded its partnership with Ripple to support institutional custody of XRP and the RLUSD stablecoin. The bank also plans to allow eligible clients to directly mint and redeem RLUSD through its platform.
Why it matters
BNY’s support for XRP and RLUSD gives eligible institutional clients a bank-based custody option for holding, safeguarding and transferring the assets.
Key facts
- BNY added custody support for XRP and RLUSD to its Digital Asset Custody platform, expanding its role as primary reserve custodian for RLUSD.
- BNY intends to enable eligible institutional clients to directly mint and redeem RLUSD through the bank.
- Ripple and BNY are exploring tokenized trade finance on the XRP Ledger, focusing on supply-chain receivables with C2FO.
Source excerpt · FinanceFeeds
BNY has expanded its partnership with Ripple to support institutional custody of XRP and the dollar-backed RLUSD stablecoin, as the companies explore tokenized trade finance and direct stablecoin issuance and redemption through the bank.Announced on October 27, the expanded collaboration adds both assets to BNY’s Digital Asset Custody platform, building on its existing role as the primary reserve…