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BNY Now Custodies XRP for Institutions, Plans Direct RLUSD Minting With Ripple
BNY, the custody bank that already safeguards the reserves behind Ripple's stablecoin, now holds XRP and RLUSD for institutional clients on its Digital Asset Custody platform, Ripple announced on Oct.
Eligible BNY clients can use the platform to store and move the two assets inside the bank's existing servicing and controls framework, according to the release. The custody addition builds on a custody relationship dating to July 2025, when Ripple chose BNY as primary custodian for RLUSD reserves.
BNY also has a custody relationship with Ripple Prime. Get Unchained's crypto news in your inbox with the free Unchained Daily newsletter.
Plans Still Pending Approval The rest of the announcement covers intentions rather than live products. BNY plans to expand the range of tokenized assets and investment products it supports on the XRP Ledger (XRPL), and to work with Ripple on a second plan that would let BNY customers mint and redeem RLUSD without leaving the bank.
Ripple said both plans are subject to final approvals from BNY and regulators. Monica Long, Ripple's president, said the aim is to make tokenized assets "usable for payments and collateral across financial markets."
