BNY now supports XRP and Ripple's RLUSD on its institutional digital asset platform, and the two companies are exploring direct RLUSD minting and redemption. Separately, Ripple and C2FO outlined plans for invoice financing settled on the XRP Ledger, though both efforts remain under development.
Ripple and BNY expanded their partnership on October 27, and BNY now supports XRP and RLUSD on its Digital Asset Custody platform. Eligible institutional clients can hold, safeguard and transfer both assets.
The deal builds on BNY's role as primary reserve custodian for RLUSD and its custody relationship with Ripple Prime. Ripple says its stablecoin reached approximately $2.5 billion in market capitalization.
BNY plans direct RLUSD minting and redemption
BNY also intends to let clients mint and redeem RLUSD directly through the bank. The companies have not announced when that functionality will become available.
According to crypto.news, Ripple President Monica Long said the focus is shifting: "We’re moving past the initial issuance of assets onchain".
BNY plans to support more tokenized assets and investment products issued on the XRP Ledger as institutional demand develops. The bank has not disclosed how many customers hold XRP or RLUSD through its custody platform.
C2FO plans invoice financing on the XRP Ledger
In a separate announcement the same day, Ripple and C2FO outlined plans to use the XRP Ledger and RLUSD to finance and settle approved business invoices. The arrangement targets suppliers that wait 30, 60 or 90 days for payment, with a proposed settlement process that could deliver funds within seconds.
Under the plan, original invoice terms and due dates would stay unchanged. Financing providers would supply early funding, and RLUSD would serve as the settlement asset.
C2FO says its existing Early Pay programs have facilitated more than $250 billion in working capital, a figure that reflects historical activity and not transactions on the XRP Ledger. The companies have not disclosed the value of financing committed to the new Instant Pay service or confirmed a completed production transaction.
C2FO is accepting expressions of interest through a waitlist.
Sources: crypto.news, Investing.com
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