Ripple And BNY Expand Strategic Collaboration To Broaden Institutional Digital Asset Custody Capabilities And Explore New Institutional Use Cases For Blockchain Technology

Ripple, the leading provider of blockchain solutions across traditional and digital finance, and BNY (NYSE:BNY), a global financial services company, today announced an expansion of their strategic collaboration to broaden institutional digital asset custody capabilities and explore new institutional use cases for blockchain technology, including tokenized trade finance. The collaboration brings together Ripple’s digital asset solutions and the XRP Ledger (XRPL), a public blockchain, with BNY’s scale, servicing model and digital capabilities.

Building on BNY’s role as primary reserve custodian for Ripple’s stablecoin, RLUSD, and its custody relationship with Ripple Prime, BNY now supports XRP, the native digital asset of the XRP Ledger, and RLUSD on its Digital Asset Custody platform. BNY’s platform is designed to provide institutional clients with secure digital asset custody within the governance, controls and resiliency of its broader servicing model, giving eligible clients a seamless way to safekeep, hold and transfer digital assets.

Purpose-built for institutional use, RLUSD has grown to approximately $2.5 billion in market capitalization and supports use cases across payments, trading and tokenized finance. XRPL has processed more than 4.6 billion transactions since launch, with transactions settling in approximately three to five seconds. Its native capabilities for issuing, transferring and exchanging digital assets support institutional use cases.