Standard Chartered has launched custody services for Ripple’s RLUSD stablecoin on the XRP Ledger (XRPL).
The bank has partnered with Ripple and LMAX Group to develop an infrastructure that will permit institutional clients to participate in using RLUSD as a collateral asset without moving its tokens to the trading platform.
In the DIFC, where the bank is licensed by the DFSA, the custody service has been made available to eligible clients of the British bank.
The next stage of the partnership involves a so-called collateral mirroring model. Under this arrangement, Standard Chartered would hold RLUSD in custody, while LMAX Group could recognize the value of eligible tokens when providing clients with access to approved trading products. The underlying assets would not need to be transferred to the trading venue.
The purpose of this method is to decrease the movement of assets between various venues as well as minimize any related operational risk. Additionally, it should provide the financial institutions with the necessary means to trade with digital assets in a safe and sound manner by using a specific custodian.
Luke Dorney, Head of Custody, Digital Assets, LMAX Group said: “RLUSD is an increasingly important component of institutional digital asset markets. By agreeing to adopt Standard Chartered’s collateral mirroring model, we are providing clients with greater flexibility in how they hold and deploy RLUSD across our cross-asset marketplace, while supporting the custody and risk management standards institutions expect.”
RLUSD strengthens its position in the stablecoin market
The custody launch comes as RLUSD continues to grow. The market capitalization of the Ripple USD stands at around $2.37 billion.
Also, the distribution of tokens across XRPL and Ethereum has recently changed. June 2026 marked the first time when the number of RLUSD on XRPL surpassed the number of tokens on Ethereum. Hence, at that time approximately 52% of the tokens were on XRPL and 48% on Ethereum.
The RLUSD is a stablecoin of Ripple operating within the US dollar territory. It is created to maintain approximately 1:1 valuation to USD. The coin is aimed at cross-border payments, DeFi, and institutional financial services. The issuance is subject to the regulations of the New York State Department of Financial Services.
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