BNY digital custody has added XRP and the dollar-backed RLUSD stablecoin for eligible institutional clients under an expanded partnership with Ripple. The bank also plans to let clients mint and redeem RLUSD directly, though no launch date has been announced.

Key Takeaways

  • The custody expansion builds on BNY’s existing role holding reserves backing RLUSD.
  • BNY and Ripple are exploring trade-finance applications using approved invoices and RLUSD settlement.
  • Ripple separately announced a partnership with Robinhood covering settlement and treasury services.

What BNY digital custody now covers

The partnership, announced on October 27, 2026, adds XRP and RLUSD to BNY’s Digital Asset Custody platform. Eligible institutions can use the service to hold, safeguard and transfer the assets.

BNY already serves as the primary reserve custodian for RLUSD and has a custody relationship with Ripple Prime. The new arrangement extends its role to custody of the tokens themselves; it does not create a new stablecoin or replace RLUSD’s existing issuer.

The planned minting and redemption service would give eligible clients a direct route through the bank to create RLUSD against funding or exchange tokens for dollars under the applicable arrangements. The companies have not said when it will be available.

Invoice financing and settlement plans

BNY and Ripple are also exploring tokenized trade finance on the XRP Ledger, initially focusing on supply-chain receivables through working-capital provider C2FO.

Under the announced model, participating capital providers would fund early payments against approved invoices, with RLUSD used for settlement on the ledger. The original invoice terms and due dates would remain unchanged.

The proposed infrastructure would handle the representation and settlement of financing claims; it would not itself provide the financing or remove the underlying invoice obligation. BNY and Ripple have not provided a timetable for the broader trade-finance capabilities.

Ripple’s separate Robinhood partnership

Ripple separately announced a Robinhood partnership spanning stablecoins, corporate treasury management and institutional trading. RLUSD is already available on Robinhood Chain and Bitstamp by Robinhood, with availability in the Robinhood app expected later in 2026.

Robinhood plans to use RLUSD on the XRP Ledger for institutional settlement and integrate Ripple Treasury for functions including cash management, payments and forecasting. Ripple Prime will provide institutional financing, liquidity and market access.

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