BNY also intends to let clients mint and redeem $RLUSD directly through its services. That remains a planned capability, distinct from the custody support already described in the release.
BNY’s existing reserve and custody roles
BNY already serves as $RLUSD’s primary reserve custodian and maintains a custody relationship with Ripple Prime. The broader digital custody collaboration between Ripple and BNY builds on those existing arrangements.
The roles cover both custody of the stablecoin’s reserves and the separate relationship with Ripple Prime.
Trade finance and investment products on the $XRP Ledger
Expanding their collaboration, the companies intend to increase support for tokenized assets and investment products built on the $XRP Ledger (XRPL). They also intend to advance tokenized trade finance on the network.
Among these efforts is the exploration of a supply chain finance project alongside C2FO, a platform focused on working capital. The initiative aims to expand investor access to approved receivables.
$RLUSD and XRPL in figures
Ripple puts $RLUSD’s market capitalization at approximately $2.5 billion. The companies’ release also states that XRPL has handled more than 4.6 billion transactions since launch.
Transactions on the ledger settle in approximately three to five seconds, according to the release.
Payments and collateral are the stated goal
Ripple President Monica Long described the collaboration’s goal as making tokenized assets usable beyond their initial issuance. She said the focus is on making them “usable for payments and collateral across financial markets.”
BNY’s Chief Innovation and Market Transformation Officer, Carolyn Weinberg, described future market infrastructure as connecting payments, liquidity, collateral and securities through bridges between traditional systems and always-on blockchain technology.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
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