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Standard Chartered adds institutional custody for RLUSD on the XRP Ledger

The custody is live via its DIFC unit in Dubai, and is designed to support LMAX products using RLUSD as eligible collateral without direct asset transfer to the trading venue.

Reported · Written up by our desk · Stablecoins

Standard Chartered has launched institutional custody for Ripple USD, or RLUSD, on the XRP Ledger, with the service now live. The Block reports the custody offering is available through the bank's DIFC branch, which is regulated by the Dubai Financial Services Authority.

The bank said it is working with Ripple and LMAX Group to make RLUSD eligible collateral for certain LMAX products under a collateral mirroring model. Under that arrangement, the value of RLUSD used as collateral can be mirrored to LMAX without requiring the underlying stablecoin to be transferred directly to the trading venue, according to The Block.

The Defiant also described the planned linkage with LMAX as a way for institutions to use the stablecoin as collateral while avoiding direct movement of the assets to the trading venue.

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