Standard Chartered has launched institutional custody for Ripple USD (RLUSD) issued on the XRP ledger (XRPL). Plans are underway to enable RLUSD as eligible collateral for certain LMAX Group products in trading and collateral management, through a collaboration with the group.
The new service is a stepping stone in a bigger plan to support the institutional adoption of RLUSD by integrating LMAX Group’s institutional-grade market infrastructure with Standard Chartered’s digital asset custody capabilities under a coordinated operating framework.
Standard Chartered will be extending its mirroring model to LMAX Group so that the underlying RLUSD does not have to be moved to the trading venue. The goal is to give institutional clients better flexibility in holding and deploying digital assets for trading, as well as to reduce operational risk and couterparty exposure.
The new service is available to eligible clients through the Standard Chartered’s branch in Dubai International Financial Centre (DIFC), regulated under the Dubai Financial Services Authority (DFSA).
Waqar Chaudry, global head of Digital Assets, Securities Services, Transaction Services at Standard Chartered, says, “Institutional clients want to participate in digital asset markets without compromising on how their assets are safeguarded or how risk is managed. The ecosystem must therefore make it easier for clients to hold assets securely, access liquidity, and deploy collateral efficiently within trusted frameworks.”