Standard Chartered to Custody Ripple's RLUSD on XRP Ledger
Standard Chartered is adding custody support for Ripple's RLUSD stablecoin to back institutional trading products on LMAX Group.
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Key takeaways
- Standard Chartered will provide custody for Ripple's RLUSD stablecoin on the XRP Ledger.
- The initiative involves a collaboration between Standard Chartered, Ripple, and institutional platform LMAX Group.
- RLUSD will act as trading collateral for select LMAX products using a collateral mirroring model.
Standard Chartered is launching digital asset custody services for Ripple's RLUSD stablecoin right on the XRP Ledger.
The banking giant teamed up with both Ripple and institutional trading platform LMAX Group to execute the rollout. Under the deal, RLUSD will work as acceptable collateral for specific LMAX trading products. Standard Chartered is running this through its collateral mirroring model—a mechanism that lets institutional clients keep collateral off-exchange while actively trading.
Why it matters
Traditional banking giants aren't just watching stablecoins from the sidelines anymore. They're wiring them directly into prime brokerage and margin workflows. For traders on the XRP Ledger, dropping a major custodian like Standard Chartered into the mix boosts liquidity and reinforces the network's push into institutional finance. If big trading venues start accepting RLUSD as standard collateral, demand for the stablecoin could scale quickly.
Source: The Block
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