XRP
Standard Chartered Launches Institutional Custody for Ripple Stablecoin in Dubai
Standard Chartered's Dubai entity has rolled out custody services for RLUSD on the XRP Ledger, alongside planned collateral integration with LMAX Group.
Standard Chartered announced that its Dubai International Financial Centre branch, regulated by the Dubai Financial Services Authority, now provides institutional custody for Ripple USD (RLUSD) issued on the XRP Ledger. The service allows institutional clients to store the dollar-pegged stablecoin within the bank's regulated digital asset infrastructure.
The bank also announced a planned integration with LMAX Group, a venue for foreign exchange and cryptocurrency trading. Under this arrangement, clients will be able to utilize RLUSD held at Standard Chartered as trading collateral via collateral mirroring, enabling trading operations without transferring the underlying tokens to the exchange.
RLUSD, launched by Ripple in December 2024 across Ethereum and the XRP Ledger, is backed by US dollars, government bonds, and cash equivalents. The stablecoin holds a market capitalization of approximately $2.45 billion within a broader stablecoin sector valued at roughly $306 billion.
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