Ripple and BNY Expand Partnership to XRP, RLUSD Custody and Trade Finance
BNY, with $63.4 trillion under custody and/or administration, now lets eligible institutions hold and transfer XRP and RLUSD. The bank also plans direct RLUSD minting and redemption and is exploring tokenized trade finance with Ripple and C2FO on the XRP Ledger.
BNY reported $63.4 trillion in assets under custody and/or administration as of Sept. 30, plus $2.2 trillion under management. Eligible institutions can now use its Digital Asset Custody platform to safeguard, hold and transfer XRP and RLUSD. Ripple and BNY disclosed the expanded collaboration on Oct. 27.
RLUSD's market capitalization stands at $2.58 billion.
Custody is only part of the deal. BNY intends to support more tokenized assets and investment products issued on the XRP Ledger, and to enable direct RLUSD minting and redemption through the bank. The services target payments, settlement and collateral workflows.
Ripple flagged the expansion on X.
Trade finance angle
The two firms are also exploring supply chain finance with C2FO, a global working capital platform. Ripple and C2FO announced plans to bring C2FO Instant Pay financing and settlement to the XRP Ledger. RLUSD would handle settlement, so suppliers could be paid in seconds. The goal: broader investor access to financing approved business invoices.
The work is at the exploration stage. Implementation remains subject to institutional customer requirements.
"With BNY, we're connecting the necessary components of financial infrastructure on the XRP Ledger so institutions can move from holding digital assets to using them within capital markets and trade finance seamlessly."
Monica Long, Ripple President
"In collaboration with Ripple, we are working to shape a more continuous, efficient and resilient financial system, paving the way for broader institutional adoption."
Carolyn Weinberg, BNY chief innovation and market transformation officer
Building on existing ties
The custody expansion builds on BNY's July 2025 appointment as primary custodian of RLUSD reserves. Ripple Prime became an early adopter of BNY's tokenized deposit capabilities in January. The announcement landed ahead of Ripple's Swell event, held the same day.
Trade finance is a growing thread for Ripple. In March it announced a Singapore pilot with Unloq that combines financing workflows with conditional RLUSD payments.
What it means
One day earlier, the OCC granted final approval to Ripple National Trust Bank, which will manage RLUSD reserves and offer enterprise custody. RLUSD now has its own trust bank on one side and a large incumbent custodian on the other.
Price is the caveat. XRP failed to rally after that approval. Custody access and tokenization plans build plumbing. The C2FO piece is still a plan, not a live product.
