Ripple and BNY expand Strategic collaboration to advance institutional digital asset custody and tokenised trade finance

Ripple, a provider of blockchain solutions across traditional and digital finance, and BNY, a global financial services company, have announced an expansion of their strategic collaboration to broaden institutional digital asset custody capabilities and explore new institutional use cases for blockchain technology, including tokenised trade finance.

The partnership combines Ripple’s digital asset solutions and the XRP Ledger (XRPL), a public blockchain, with BNY’s scale, servicing model, and digital capabilities.

Monica Long, President of Ripple, said, “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.”

Expanding digital asset custody capabilities

Building on BNY’s role as primary reserve custodian for Ripple’s stablecoin, RLUSD, and its custody relationship with Ripple Prime, BNY now supports XRP, the native digital asset of the XRP Ledger, and RLUSD on its Digital Asset Custody platform.

The platform is designed to provide institutional clients with secure digital asset custody within the governance, controls, and resiliency of BNY’s broader servicing model, offering eligible clients a seamless way to safekeep, hold, and transfer digital assets.

Carolyn Weinberg, Chief Innovation and Market Transformation Officer at BNY, said, “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.”

“In collaboration with Ripple, we are working to shape a more continuous, efficient and resilient financial system, paving the way for broader institutional adoption.”

BNY intends to broaden its support for tokenised assets and investment products issued on the XRPL as institutional use cases continue to develop. The firm also plans to work with Ripple to enable BNY clients to mint and redeem RLUSD directly through BNY. Both initiatives aim to support more efficient payments, settlement, and collateral workflows over time.

Advancing tokenised trade finance

Ripple and BNY also intend to advance tokenised trade finance on the XRPL, subject to client requirements. Tokenised trade finance leverages blockchain technology to digitally represent existing trade finance assets, such as receivables, with the potential to broaden investor access and simplify asset management and distribution.

As a first step, Ripple and BNY are exploring a supply chain finance initiative with C2FO, a global working capital platform, to expand investor access to the asset class.

Ragui Selwanes, President & COO Americas at C2FO, said, “We’ve spent years building a platform that gives businesses more information and control over their working capital. The next opportunity is to make the financial infrastructure behind our marketplace as efficient and connected as the experience we’ve created for customers.”

“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.”

Purpose-built for institutional use, RLUSD has grown to approximately $2.5 billion in market capitalisation and supports use cases across payments, trading, and tokenised finance. The XRP Ledger has processed more than 4.6 billion transactions since launch, with transactions settling in approximately three to five seconds. Its native capabilities for issuing, transferring, and exchanging digital assets support institutional use cases.