BNY adds XRP and RLUSD to its digital asset custody platform, and Ripple and C2FO plan invoice financing on the XRP Ledger

Ripple said on Tuesday that BNY's Digital Asset Custody platform now supports XRP and RLUSD, extending a relationship in which BNY is already the primary reserve custodian for Ripple's dollar stablecoin and has a custody relationship with Ripple Prime.

Ripple said BNY plans to work with it so clients can mint and redeem RLUSD directly through BNY, and to broaden support for tokenized assets and investment products issued on the XRP Ledger. The two also plan to advance tokenized trade finance, starting with an exploration of supply chain finance with C2FO, a working-capital platform. According to crypto.news, C2FO plans to settle financing against approved invoices on the ledger using RLUSD; the companies have not disclosed a financing amount or a completed live transaction.

"We're moving past the initial issuance of assets onchain," Ripple president Monica Long said, adding that the focus is now on making tokenized assets usable for payments and collateral. Ripple put RLUSD's market capitalization at about $2.5 billion and BNY's assets under custody and administration at $63.4 trillion as of September 30.

What to watch: whether BNY sets a date for direct RLUSD minting, and whether C2FO moves from a waitlist to live financing.