Ripple, BNY Expand Digital-Asset Partnership With XRP, RLUSD Custody Support
Summary
- Ripple and BNY said they are expanding their partnership in digital-asset custody and tokenized trade finance.
- BNY said it has started supporting XRP and RLUSD on its digital-asset custody platform, allowing institutional clients to store and transfer the tokens.
- The companies said they are expanding support for tokenized assets and investment products issued on XRPL and are reviewing direct RLUSD minting and redemption, as well as a supply-chain finance model.
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Ripple and BNY are expanding their partnership in digital-asset custody and tokenized trade finance.
Business Wire reported on Oct. 27 that the companies will broaden custody capabilities for institutional digital assets and jointly pursue new blockchain use cases, including tokenized trade finance using the XRP Ledger, or XRPL.
BNY, which already provides custody for reserves backing Ripple’s RLUSD stablecoin and handles custody services related to Ripple Prime, has begun supporting XRP and RLUSD on its digital-asset custody platform. That will allow institutional clients to store and transfer XRP and RLUSD.
The companies also plan to expand BNY’s support for tokenized assets and investment products issued on XRPL. They are also pursuing a framework that would allow BNY clients to mint and redeem RLUSD directly.
“It is no longer enough to simply issue assets on-chain,” Ripple President Monica Long said. “What matters now is putting tokenized assets to work in payments and collateral.” She added that Ripple and BNY are connecting financial infrastructure so institutions can do more than hold digital assets and instead use them in capital markets and trade finance.
The companies are also expanding their cooperation in tokenized trade finance. As an initial step, they are reviewing a supply-chain finance model with working-capital platform C2FO that would tokenize trade-finance assets such as accounts receivable on XRPL and broaden investor access.
