Standard Chartered launches institutional custody for Ripple's RLUSD stablecoin
Standard Chartered announced that its Dubai International Financial Centre branch will provide custody services for Ripple's stablecoin RLUSD, allowing institutional clients to hold the token in the bank’s vault while using it as collateral. The bank will extend this model to LMAX Group, enabling the trading firm’s customers to keep RLUSD under the bank’s custody and still use the assets for margin purposes. The news coincided with a 3% drop in XRP to $1.36, as the token fell below key technical support levels.
Why it matters
The custody offering could lower operational risk for institutions that want to use RLUSD, potentially increasing demand for the stablecoin and supporting XRP’s ecosystem. However, the immediate market reaction was a price decline for XRP, indicating short‑term selling pressure despite the positive development.
Key facts
- 1Standard Chartered’s Dubai International Financial Centre branch will offer institutional custody for Ripple’s stablecoin RLUSD. dmarketforces.com
- 2The bank plans to let LMAX Group’s clients keep RLUSD in its custody while using the tokens as collateral for trades. dmarketforces.com
- 3XRP fell about 3% to $1.36 on the day of the announcement. dmarketforces.com
- 424‑hour trading volume for XRP jumped 75.57% to $1.9 billion. dmarketforces.com
- 5RLUSD’s market capitalisation is $2.4 billion. fxempire.com
- 6Standard Chartered’s Global Head of Digital Assets, Waqar Chaudry, said the partnership will give institutional clients safer and more compliant access to digital assets. fxempire.com
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.