NEW:
@BNYglobal now supports
@XRP and $RLUSD on its Digital Asset Custody platform, and plans to let clients mint and redeem RLUSD directly through the bank.
The two are also exploring tokenized trade finance on the XRP Ledger with
@C2FO.
This comes right after
@Ripple got final OCC approval for its national trust bank.
This would let BNY clients hold and move RLUSD within the same bank that safeguards their other assets, and use it beyond custody as collateral and settlement.
Jack McDonald (
@_JackMcDonald_), SVP of Stablecoins at Ripple, explained to us last year how RLUSD moving onchain 24/7 makes it useful as collateral, the kind of use BNY and Ripple are now building toward:
"Weโre doing some very exciting things with RLUSD, increasingly working with regulators to have that treated as good capital or good collateral ... being able to take advantage of the attributes of it being onchain and how quickly it can move 24/7.
Thatโs been a big unlock for a lot of the [Ripple Prime] customers."