BNY and Ripple Expand to XRP Custody and Tokenised Trade Finance on XRPL

BNY and Ripple have announced an expansion of their existing collaboration, adding XRP and the RLUSD stablecoin to BNY’s Digital Asset Custody platform and laying groundwork for tokenised trade finance on the XRP Ledger (XRPL). The relationship already encompassed BNY’s role as primary reserve custodian for RLUSD and its custody arrangement with Ripple Prime; the new layer extends institutional safekeeping and transfer capabilities to XRP itself.

Beyond custody, BNY intends to allow eligible clients to mint and redeem RLUSD directly through BNY, and plans to broaden support for tokenised assets and investment products issued on the XRPL as institutional use cases develop. Both parties also intend to advance tokenised trade finance on the ledger, subject to client demand, framing blockchain-represented receivables as a mechanism for widening investor access and streamlining asset distribution.

As a first concrete step toward trade finance ambitions, Ripple and BNY are exploring a supply chain finance initiative with C2FO, a working-capital platform, focused on broadening investor access to approved receivables. RLUSD has reached approximately $2.5 billion in market capitalisation, and the XRPL has processed more than 4.6 billion transactions since inception, with settlement typically completing in three to five seconds. The combination of an established stablecoin, a large-scale custodian, and a working-capital marketplace signals that the parties are moving beyond asset issuance toward operational use in payments, collateral, and trade flows.