Ripple has expanded its partnership with BNY to broaden institutional digital asset capabilities and explore new use cases for blockchain technology, including tokenised trade finance.
Under the collaboration, Ripple’s digital asset solutions and the public XRP Ledger (XRPL) will combine with BNY’s scale and servicing model.
BNY is building on its position as primary reserve custodian by adding RLUSD, Ripple’s US dollar-pegged stablecoin, to its custody platform.
XRPL’s native digital asset, XRP, will also be integrated by BNY as an expansion of its custody relationship with Ripple Prime.
BNY intends to broaden its support for tokenised assets, trade finance, and investment products issued on XRPL, and work with Ripple to allow clients to mint and redeem RLUSD directly.
The firms are also exploring a supply chain finance initiative with C2FO, a platform for working capital, centred on broadening investor access to the asset class.
Speaking on the partnership, Monica Long, president of Ripple, says: “We’re moving past the initial issuance of assets onchain — now, it’s all about making these tokenised assets usable for payments and collateral across financial markets.
“With BNY, we’re connecting the necessary components of financial infrastructure on the XRP Ledger so institutions can move from holding digital assets to using them within capital markets and trade finance seamlessly.”
Carolyn Weinberg, chief innovation and market transformation officer at BNY, notes: “Future market infrastructure will deliver connectivity across payments, liquidity, collateral, and securities, driven by architected bridges between traditional scaled systems and always-on blockchain technology.”
Ragui Selwanes, president and chief operating officer for the Americas at C2FO, adds: “Working with Ripple and BNY and leveraging XRPL, we are excited to explore how a new model for financing approved receivables has the potential to broaden access to capital while preserving the relationships and experience our customers already trust.”
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