XRP Ledger Gains BNY Support as New Finance Plans Emerge

TLDR

• BNY adds XRP and RLUSD to its institutional Digital Asset Custody platform.
• Ripple and BNY plan to explore tokenized trade receivables on the XRP Ledger.
• C2FO plans to use RLUSD for faster supplier invoice settlement.
• Institutional clients could gain direct RLUSD creation and redemption services through BNY.
• Both companies intend to expand support for tokenized financial products and collateral services.

Ripple and BNY have widened their partnership, adding XRP and RLUSD custody while outlining new plans for the XRP Ledger. The companies announced the changes on October 27, alongside proposed work on trade finance and digital payments.

BNY now supports both assets directly through its Digital Asset Custody platform. Eligible institutional customers can hold and transfer XRP and Ripple’s dollar-backed RLUSD stablecoin using the bank’s existing custody controls. The custody offering is aimed at institutions rather than retail users.

BNY Expands Custody for Institutions

The bank already holds reserves backing RLUSD and provides custody services connected to Ripple Prime. The expanded service adds access to the two tokens, rather than replacing those earlier arrangements.

Ripple puts RLUSD’s total market value near $2.5 billion. An October 23 report on falling XRP Ledger stablecoin supply measured tokens held on that network, not RLUSD circulating across different blockchains.

XRP Ledger Trade Finance Plans

BNY and Ripple also plan to examine how trade receivables can be represented digitally on the XRP Ledger. These are payments owed to suppliers for goods or services already delivered. Tokenization records a claim digitally, while the underlying invoice remains tied to the buyer’s payment obligation.

Their proposed work with working-capital provider C2FO aims to make those assets easier for investors to access. The companies have not announced a launch date or completed transactions under that proposed arrangement.

C2FO Instant Pay Moves Forward

In a separate announcement, Ripple and C2FO outlined C2FO Instant Pay, which would use RLUSD to settle financed invoices on the XRP Ledger. Ripple is also involved in a separate Singapore trade payment initiative using the stablecoin.

Under the planned service, participating funding providers would pay approved invoices early. Suppliers could receive funds within seconds after financing, while the invoice’s original due date would remain unchanged. C2FO is accepting expressions of interest.

Direct RLUSD Access Remains Planned

The expansion follows Ripple’s final U.S. trust bank approval, announced on October 26. The planned bank will work with RLUSD reserves and institutional custody. BNY remains RLUSD’s primary reserve custodian.

BNY also intends to let eligible clients create and redeem RLUSD through the bank and support more tokenized investment products. Neither company gave a timetable for those additions. Ripple President Monica Long said the focus is on putting tokenized assets to work in payments and collateral.

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