Ripple and BNY have expanded their strategic partnership to broaden institutional digital asset custody capabilities and explore new blockchain use cases, including tokenised trade finance.
Building on BNY’s existing role as the primary reserve custodian for Ripple’s stablecoin (RLUSD), BNY’s Digital Asset Custody platform now supports both XRP and RLUSD. This integration allows eligible institutional clients to securely safekeep, hold, and transfer these digital assets within BNY’s established governance and resiliency controls.
The collaboration aims to transition institutional blockchain use from basic asset issuance to functional application within capital markets. Beyond custody support, the two companies plan to enable BNY clients to directly mint and redeem RLUSD.
Monica Long, President of Ripple, and Carolyn Weinberg, Chief Innovation and Market Transformation Officer at BNY, both emphasise that connecting traditional financial infrastructure with the XRP Ledger (XRPL) will drive greater connectivity, continuous efficiency, and broader adoption across payments, liquidity, and collateral workflows.
A key future focus of this expanded partnership is the advancement of tokenised trade finance on the XRPL to simplify how assets like receivables are managed and distributed. As an initial step, Ripple and BNY are exploring a supply chain finance initiative with the global working capital platform C2FO. This initiative will leverage the XRPL, and its three-to-five second transaction settlement times, to explore new financing models for approved receivables, aiming to expand investor access to the asset class while maintaining trusted customer relationships.
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