Ripple announced Oct. 27 it is expanding its work with BNY across custody and tokenized trade finance on the XRP Ledger, combining BNY institutional scale with XRP, RLUSD and XRPL.

Ripple announced Oct. 27 it is expanding its work with BNY across custody and tokenized trade finance on the XRP Ledger, combining BNY institutional scale with XRP, RLUSD and XRPL.

BNY now supports XRP and RLUSD on its Digital Asset Custody platform, per the release. That builds on BNY as primary reserve custodian for RLUSD.

On trade finance, Ripple and BNY plan to bring tokenized trade finance assets such as receivables onto XRPL to broaden investor access and simplify management and distribution.

As a first step they are exploring a supply chain finance initiative with C2FO, the working capital platform, focused on expanding investor access. A parallel Ripple post says it brings financing and settlement supporting C2FO Instant Pay onto XRPL using RLUSD for settlement.

C2FO President Ragui Selwanes said the aim is to make the financial infrastructure behind its marketplace as efficient as the customer experience, exploring a new model for financing approved receivables on XRPL.

Ripple puts RLUSD at about $2.5B market cap for payments, trading and tokenized finance, and XRPL at over 4.6B transactions settled in about three to five seconds. Future product plans remain subject to BNY and regulatory approvals.