Ripple, a blockchain payments company, and BNY, one of the world’s largest financial services companies, have announced an expansion of their partnership to support digital assets and explore new uses for blockchain technology in traditional finance.
The partnership will focus on improving cryptocurrency custody services, supporting Ripple’s stablecoin RLUSD and exploring blockchain-based trade finance using the XRP Ledger (XRPL).
BNY Expands Support for XRP and RLUSD
Under the expanded agreement, BNY now supports XRP and Ripple’s US dollar-backed stablecoin, RLUSD, through its Digital Asset Custody platform.
This service allows eligible institutional clients, including banks and financial companies, to securely store, hold and transfer digital assets.
BNY already serves as the main reserve custodian for RLUSD and provides custody services to Ripple Prime. The latest expansion strengthens the relationship between the two companies.
Ripple and BNY also plan to make it possible for BNY clients to create and redeem RLUSD directly through the bank, helping financial institutions use the stablecoin more easily in their daily operations.
BNY also plans to expand support for more digital assets and investment products built on the XRP Ledger.
Ripple and BNY Explore Blockchain-Based Trade Finance
The two companies are also working to explore how blockchain technology could improve trade finance, which helps businesses manage payments and funding when buying and selling goods.
As part of this effort, Ripple and BNY are exploring a project with C2FO, a global working capital platform.
The project aims to use the XRP Ledger to turn trade finance assets, such as unpaid business invoices, into digital tokens. This could make it easier for investors to provide funding and help businesses access money more efficiently.
Monica Long, president of Ripple, said the financial industry is moving beyond simply creating digital assets and is now focusing on using them for payments, financing and other financial services.
BNY’s chief innovation and market transformation officer, Carolyn Weinberg, also highlighted the importance of connecting traditional banking systems with blockchain technology to make financial services more efficient.
RLUSD Continues to Grow
According to the companies, Ripple’s RLUSD stablecoin has reached a market value of approximately $2.5 billion and is being used for payments, trading and digital finance.
Meanwhile, the XRP Ledger has processed more than 4.6 billion transactions since its launch, with payments typically settling in three to five seconds.
The expanded partnership shows how Ripple and BNY are working to bring blockchain technology into traditional banking and financial markets.
While some custody services are already available, the planned RLUSD features and blockchain-based trade finance projects are still being developed or explored.
The collaboration could help more banks and financial institutions use XRP, RLUSD and other digital assets within their existing financial systems.
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