Ripple and BNY are expanding their digital asset collaboration, adding XRP and RLUSD support to BNY’s institutional custody platform while exploring tokenized trade finance opportunities on the XRP Ledger (XRPL). The companies announced the expanded partnership on October 27, 2026, outlining plans to connect traditional financial infrastructure with blockchain-based payments, settlement and collateral services.
The development extends an existing relationship in which BNY serves as the primary reserve custodian for Ripple’s US dollar-pegged stablecoin, RLUSD, and maintains a custody relationship with Ripple Prime. Under the expanded arrangement, eligible institutional clients can use BNY’s Digital Asset Custody platform to safeguard, hold and transfer XRP and RLUSD within its established governance and control framework.
The announcement also points toward a broader objective: moving beyond the issuance and storage of digital assets to using tokenized assets in financial markets. Ripple and BNY intend to explore additional XRPL-based products and workflows, including tokenized trade finance and direct RLUSD minting and redemption through BNY, subject to final approvals.
BNY Adds XRP and RLUSD to Institutional Custody
BNY’s support for XRP and RLUSD brings two assets associated with Ripple’s ecosystem into a custody platform designed for institutional clients. The arrangement gives eligible customers a way to hold and transfer the assets through BNY’s servicing infrastructure rather than relying exclusively on other digital asset custody providers.
BNY is a major participant in global financial markets. As of September 30, 2026, the company reported $63.4 trillion in assets under custody and/or administration and $2.2 trillion in assets under management. These figures illustrate the scale of its existing financial services operations, although they do not represent funds committed to Ripple, XRP or RLUSD.
Ripple President Monica Long said the next phase of tokenization involves making blockchain-based assets usable for payments and collateral across financial markets. The expanded collaboration is intended to connect digital asset custody with practical institutional applications, rather than focusing solely on issuing tokens on a blockchain.
BNY also intends to broaden support for tokenized assets and investment products issued on XRPL as institutional use cases develop. The companies are exploring a service that would allow BNY clients to mint and redeem RLUSD directly through the bank, but the announcement makes clear that these future plans remain subject to final BNY and regulatory approvals.
RLUSD has grown to an approximately $2.5 billion market capitalization, according to the announcement. The stablecoin is designed for use in payments, trading and tokenized finance, while XRP is the native digital asset of the XRP Ledger. The two assets serve different purposes, and the expanded custody arrangement does not itself guarantee increased demand for either token.
Ripple and BNY Explore Tokenized Trade Finance With C2FO
The companies are also exploring tokenized trade finance on XRPL, subject to client requirements. Tokenized trade finance involves representing existing financial assets, such as approved receivables, as digital tokens. The approach could help streamline how these assets are managed and distributed while potentially broadening access to investors.
As an initial step, Ripple and BNY are exploring a supply chain finance initiative with C2FO, a global working-capital platform. The proposed initiative would examine a new model for financing approved receivables, connecting C2FO’s existing business relationships with Ripple’s blockchain infrastructure and BNY’s financial services capabilities.
C2FO President and COO Americas Ragui Selwanes said the companies are exploring ways to make the financial infrastructure behind its marketplace more connected and efficient. The stated aim is to broaden access to capital while preserving existing customer relationships and processes.
The potential application is significant because trade finance often involves multiple parties, documents and settlement steps. Tokenization could help improve the transfer and tracking of financial claims, but any implementation would still need to address legal ownership, investor protections, compliance and the quality of the underlying receivables.
The XRPL provides the technical infrastructure for the proposed work. Ripple and BNY reported that the ledger had processed more than 4.6 billion transactions since launch, with transactions settling in approximately three to five seconds. Those capabilities could support institutional workflows requiring relatively fast transfers and exchanges of digital assets.
The expanded collaboration reflects a wider shift toward integrating blockchain technology with established financial institutions. BNY brings institutional custody and servicing capabilities, Ripple provides blockchain infrastructure and digital asset services, and C2FO brings experience in working-capital financing.
For XRP and RLUSD, the announcement creates potential new institutional use cases, but the practical impact will depend on implementation, client adoption and regulatory approval. The key development is not simply that more assets can be held in custody. It is the effort to connect custody with payments, collateral and tokenized trade finance in a framework designed for institutional participation.
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