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Standard Chartered launches custody for Ripple’s RLUSD stablecoin in Dubai
The bank says eligible institutional clients can hold RLUSD issued on the XRP Ledger through its DIFC branch, as part of a planned collateral setup with LMAX.
Standard Chartered has launched custody for Ripple’s RLUSD stablecoin, enabling eligible institutional clients to hold RLUSD issued on the XRP Ledger through the bank’s Dubai International Financial Centre branch, regulated by the Dubai Financial Services Authority. CryptoSlate reports the Oct. 12 announcement positions RLUSD for wider use in institutional trading.
The custody launch is tied to a broader arrangement with Ripple and trading group LMAX, designed to let institutions use RLUSD as collateral while keeping their stablecoin holdings with Standard Chartered. Under the proposed model, Standard Chartered would mirror the value of eligible RLUSD holdings to LMAX so clients can support trading positions without transferring the underlying tokens directly to the trading venue.
The bank said the setup could reduce counterparty exposure and operational risks associated with moving assets between custodians and exchanges, while allowing institutions to deploy capital across trading activities. CryptoSlate also notes RLUSD is emerging as one of the fastest growing stablecoins by absolute market value added, reflecting Ripple’s efforts to expand RLUSD’s use across financial markets.
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