BNY Adds XRP and RLUSD Custody as Stablecoin’s Market Value Tops $2.5 Billion
Key Facts
BNY and Ripple announced on October 27, 2026, that they had expanded their collaboration, making custody of XRP and RLUSD available to eligible institutional clients through the bank’s digital custody platform. BNY said RLUSD’s market capitalization had reached about $2.5 billion and that the stablecoin was used for payments, trading and tokenized finance. The expansion adds XRP custody support to the bank’s existing relationship with RLUSD, with no announcement of new purchases or balances to be held at BNY. The bank was the primary custodian of RLUSD reserves and also has a custody relationship with Ripple Prime. The move places digital assets within an existing institutional custody service, while other partnership initiatives remain future plans or under exploration.
BNY said it intended to expand its support for tokenized assets and investment products issued on the XRP Ledger, and to work with Ripple to enable its clients to issue and redeem RLUSD directly through the bank. Both initiatives are subject to BNY’s and regulators’ final approvals and therefore do not represent services currently available. The companies also said they intended to develop tokenized trade finance on the XRP Ledger in response to client requirements. In parallel, they are exploring a supply-chain finance initiative with C2FO aimed at broadening investor access to this asset class. Ripple President Monica Long said the focus went beyond issuing assets on-chain to making them usable "in payments and collateral across financial markets."
In a separate announcement, C2FO and Ripple said they would move the financing and settlement activities supporting C2FO Instant Pay to the XRP Ledger, using RLUSD for settlement. According to C2FO, participating capital providers fund early payments, and suppliers receive funds within seconds in exchange for approved invoices. Invoice terms and due dates remain as agreed. C2FO said its Early Pay programs had helped companies access more than 250 billion in working capital by accelerating payment of approved invoices. That figure relates to existing Early Pay programs and does not represent the transaction volume of the new Instant Pay service.
A C2FO statement said RLUSD’s market capitalization had exceeded $2.5 billion, with more than $1 billion issued on the XRP Ledger. BNY said the network had processed more than 4.6 billion transactions since its launch, with transactions settling in about 3 to 5 seconds. These figures provide context on the stablecoin’s scale and network activity at the time of the expansion announcement, but do not specify the value of settlements or financing expected through the partnership. The agreement also does not announce a target volume for supply-chain finance or a launch date for the initiative, which remains under exploration. The next operational step in the C2FO initiative is the start of service use and the emergence of actual settlement data.
In a regulatory development a day before the expansion announcement, Ripple said on October 26 that the U.S. Office of the Comptroller of the Currency had granted final approval to establish Ripple National Trust Bank, following conditional approval in December 2025. The final decision did not appear in the office’s public register during the research, so the approval announcement was attributed to the company. Ripple said RLUSD would continue to be issued by Standard Custody & Trust Company, a limited-purpose trust company regulated by the New York State Department of Financial Services, while the new bank would add federal office oversight to the regulatory framework. According to Ripple, the bank’s approved activities include managing the segregated reserves backing the stablecoin, acting as trustee for its collateral, and providing fiduciary custody services for digital assets. The regulator announced on December 12, 2025, its conditional approval of five applications for national trust bank charters, including Ripple’s application.