TheBlock
BNY is expanding its partnership with Ripple to add XRP and RLUSD to its institutional custody platform while exploring tokenized trade finance on the XRP Ledger. The companies are working with C2FO to let suppliers receive funds in seconds against approved invoices, while existing invoice terms and due dates remain unchanged. RLUSD has reached about $2.5 billion in market capitalization, with more than $1 billion issued on the XRP Ledger.
Why it matters
The expansion moves RLUSD beyond custody and issuance toward practical financial-market use. BNY clients are intended to mint and redeem RLUSD directly through the bank, while Ripple and BNY are testing tokenized supply-chain receivables with C2FO. Capital providers would fund payments against approved invoices, allowing corporate working capital to move over public ledger infrastructure rather than wait several days for bank transfers to clear.
Ripple President Monica Long said the next step is making tokenized assets usable for payments and collateral across financial markets. That links institutional custody, stablecoin settlement and trade finance in a single operating model, although the custody services and broader applications remain under development.
Market impact
Ripple also partnered with Robinhood on stablecoins, treasury operations and institutional markets. Robinhood will use RLUSD for institutional settlement on the XRP Ledger and integrate Ripple Treasury for cash management, payments and liquidity operations. RLUSD is already available on Robinhood Chain and Bitstamp by Robinhood, with availability in the Robinhood app expected later this year.
The XRP Ledger has processed more than 4.6 billion transactions and settles in three to five seconds, according to Ripple. The key measure from here is whether the proposed custody and invoice-finance products move from testing into live institutional workflows.
Frequently asked questions
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What is BNY adding to its Ripple partnership?
BNY is adding XRP and RLUSD to its institutional custody platform. Clients are intended to mint and redeem RLUSD directly through the bank.
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How will the XRP Ledger be used for invoice finance?
Ripple, BNY and C2FO are testing tokenized supply-chain receivables. Suppliers could receive funds in seconds against approved invoices while existing terms remain unchanged.
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What is the role of C2FO in the project?
C2FO is the working-capital provider partnering with Ripple and BNY on the tokenized trade-finance test. Capital providers would fund payments against approved invoices.
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How large is RLUSD’s market capitalization?
RLUSD has grown to about $2.5 billion in market capitalization, with more than $1 billion issued on the XRP Ledger.
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How is Robinhood using RLUSD?
Robinhood will use RLUSD for institutional settlement on the XRP Ledger and integrate Ripple Treasury for cash management, payments and liquidity operations.
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