BNY Mellon Adds Custody Support for XRP and RLUSD, Explores Tokenized Trade Finance With Ripple

October 27 — According to an official Ripple announcement, BNY (Bank of New York Mellon) has added support for XRP and the U.S. dollar stablecoin RLUSD on its digital asset custody platform, allowing eligible institutional clients to safekeep, hold and transfer the related assets through the platform. Building on their existing RLUSD reserve custody and Ripple Prime custody collaboration, the two parties are further expanding their digital asset cooperation.

BNY plans to expand support for tokenized assets and investment products on the XRP Ledger (XRPL) and to work with Ripple so that clients can in the future mint and redeem RLUSD directly through BNY. In addition, the two parties are exploring, together with working capital platform C2FO, a supply chain finance solution built on the XRPL that would tokenize trade finance assets such as receivables in order to broaden investor access.