Ripple and BNY are expanding their existing partnership to support XRP and RLUSD custody, explore tokenized assets on the XRP Ledger (XRPL), and investigate blockchain-based trade finance applications. The agreement, announced on October 27, 2026, is intended to develop institutional uses for digital assets across financial markets.

Ripple said the expanded collaboration combines BNY’s institutional infrastructure with RLUSD, XRP and the XRP Ledger. The companies are also working with C2FO, a global working-capital platform, on potential supply-chain finance applications that could broaden investor access to tokenized trade-finance assets.

Trade finance is coming to the XRP Ledger! Today, we’re expanding our collaboration with @BNYglobal across custody and tokenized trade finance, bringing BNY’s institutional scale together with $RLUSD, @XRP and the XRP Ledger. → — Ripple (@Ripple) October 27, 2026

BNY Adds XRP and RLUSD to Digital Asset Custody

BNY has added XRP, the native token of the XRP Ledger, and Ripple’s U.S.-dollar-pegged RLUSD stablecoin to its Digital Asset Custody platform. The move builds on an existing relationship under which BNY serves as RLUSD’s primary reserve custodian and provides custody for Ripple Prime.

Under the expanded arrangement, eligible institutional investors will be able to hold, collect and transfer the digital assets through BNY’s existing custody framework. The service gives financial institutions another option for managing XRP and RLUSD without relying exclusively on crypto-native custody providers. It also broadens BNY’s role, from safeguarding the reserves behind RLUSD to holding the tokens themselves on behalf of clients.

BNY will also work with Ripple to enable eligible clients to mint and redeem RLUSD directly through the bank. The companies have not disclosed when that functionality will become available.

Ripple President Monica Long said the company is moving beyond simply issuing digital assets on blockchain networks and is working to make them usable in financial markets, including as payment instruments and collateral. Custody sits upstream of that goal: institutions generally need an established way to hold an asset before they can deploy it in payments or as collateral, which is what the expanded arrangement is designed to provide.

Potential Tokenized Trade Finance Applications on XRPL

The expanded partnership extends beyond the custody of tokens to include investment products that could potentially be introduced on the XRP Ledger. Ripple and BNY will assess these opportunities as institutional use cases and demand for the network develop.

The companies are also exploring a trade-finance project with C2FO. The initiative is intended to expand access to trade-finance assets, including approved receivables, for a broader investor base.

How Tokenized Receivables Could Be Used

Trade receivables can arise when a customer orders a product and pays for it before delivery, leaving the business with a financial claim associated with the transaction. Tokenization could represent those claims digitally and allow them to be managed through blockchain-based infrastructure.

Financing arrangements tied to approved receivables may help suppliers meet working-capital needs while they wait for payment. Depending on the structure of the assets and applicable requirements, investors could also gain access to a broader range of financing opportunities.

The Ripple-BNY-C2FO initiative remains exploratory. The announcement does not confirm the launch of a live product or the completion of any transactions, nor does it establish that the approach will reduce financing or settlement times by a specific amount. What comes next will indicate whether the collaboration moves from exploration to production: the launch of BNY-enabled RLUSD minting and redemption, the outcome of the XRPL investment-product assessments, and any concrete steps in the C2FO receivables project.