BNY Adds XRP and RLUSD Custody Support as Ripple Partnership Expands

TL;DR: BNY and Ripple are extending an established reserve-custody relationship into wider digital-asset servicing and possible tokenized trade-finance applications. The official source also identifies specific limits or future steps, so implementation and market impact should not be assumed. BNY and Ripple are extending an established reserve-custody relationship into wider digital-asset servicing and possible tokenized trade-finance applications. For digital-asset markets, the important issue is less the announcement in isolation than the channel through which it could affect users, capital or network activity. The latest development deserves attention, but its relevance depends on the facts published by the organisation behind it and the work still required to make it matter. What the primary announcement establishes BNY now supports custody of XRP and RLUSD on its Digital Asset Custody platform, according to the joint October 27 announcement. The bank was already the primary reserve custodian for RLUSD and has a separate custody relationship with Ripple Prime. Both parties intend to explore direct minting and redemption of RLUSD for BNY clients, subject to final bank and regula...