BREAKING: Standard Chartered Launches Ripple RLUSD Custody in Dubai — Big Bank Opens Door for XRP Ledger Trading

 

A major global bank has moved deeper into crypto. Standard Chartered said on Monday, October 12, that its custody service for Ripple's dollar stablecoin RLUSD, issued on the XRP Ledger, is now live for institutional clients.

The service runs through the bank's Dubai DIFC branch, which is regulated by the Dubai Financial Services Authority. That means eligible banks, funds and large firms can now hold RLUSD with a regulated bank instead of leaving it on an exchange or in a self-custody wallet.

The bank is also working with Ripple and LMAX Group on a next step: letting clients use RLUSD held at Standard Chartered as collateral for trading on LMAX. Under this mirroring model, LMAX would recognise the value of the holdings without the coins having to be transferred to the trading venue.

That second part is not live yet. The bank said it still needs final documents, testing, regulatory checks and internal approvals, and it gave no launch date. Even so, separating custody from trading is something big institutions have been asking for, because it lowers the risk of assets being stuck at a venue.

For traders, this is another sign that XRP Ledger infrastructure is winning institutional support, at a time when XRP is trading near $1.40 and XRP funds have been attracting steady inflows. More bank-grade custody and collateral options could bring more professional money into RLUSD and XRP markets over time, though price moves will still depend on the wider market and this week's US inflation data.

Read also: XRP Goes Wall Street: Evernorth Lists on Nasdaq Monday With 473 Million XRP in Treasury

This post is news only, not financial advice. Always do your own research before buying or selling crypto.

Sources: CoinDesk, Cointelegraph, The Block, Standard Chartered