Ripple and BNY have expanded their partnership, adding custody support for XRP and the RLUSD stablecoin while outlining new plans for tokenized trade finance on the XRP Ledger. The companies announced the changes on October 27, alongside proposed work on trade finance and digital payments. The announcements cover institutional custody, tokenized trade receivables, and stablecoin-based invoice settlement. Ripple announced the expanded collaboration in a post on X:

“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. → pic.twitter.com/3LRULGEuqO”

— Ripple (@Ripple) October 27, 2026

https://x.com/Ripple/status/2115051149493465156?s=20

BNY Expands Institutional Custody

BNY now supports both assets directly through its Digital Asset Custody platform. Eligible institutional customers can hold and transfer XRP and Ripple’s dollar-backed RLUSD stablecoin using the bank’s existing custody controls. The offering is aimed at institutions rather than retail users. As background, XRP is the native asset of the XRP Ledger, where it covers transaction costs, while RLUSD is designed to hold a dollar-linked value — the property that makes a stablecoin usable for settling invoices at face value. Bank custody keeps the tokens under the bank’s existing regulatory and operational controls, the same framework institutions use for conventional assets.

The move deepens an existing relationship: BNY already holds the reserves backing RLUSD and provides custody services connected to Ripple Prime. The expanded service adds access to the two tokens rather than replacing those earlier arrangements. Ripple puts RLUSD’s total market value near $2.5 billion. An October 23 report on falling XRP Ledger stablecoin supply measured tokens held on that network, not RLUSD circulating across different blockchains.

Tokenized Trade Receivables on the XRP Ledger

BNY and Ripple also plan to examine how trade receivables can be represented digitally on the XRP Ledger, the open-source blockchain closely associated with Ripple. Trade receivables are payments owed to suppliers for goods or services that have already been delivered. Tokenization records a claim digitally, while the underlying invoice remains tied to the buyer’s payment obligation. The work sits within trade finance — the funding and documentation that lets suppliers ship goods before payment arrives — where financing against outstanding invoices has long existed through arrangements such as factoring.

Their proposed work with working-capital provider C2FO aims to make those assets easier for investors to access. The companies have not announced a launch date or any completed transactions under the proposed arrangement.

C2FO Instant Pay Moves Forward

In a separate announcement, Ripple and C2FO outlined C2FO Instant Pay, a planned service that would use RLUSD to settle financed invoices on the XRP Ledger. Under the proposal, participating funding providers would pay approved invoices early, allowing suppliers to receive funds within seconds after financing while the invoice’s original due date would remain unchanged. Suppliers would therefore gain faster access to working capital without changing the buyer’s original payment terms. C2FO is accepting expressions of interest from prospective participants.

Ripple is also involved in a separate Singapore trade payment initiative using the stablecoin, an effort that Malaysia and Thailand have joined.

Direct RLUSD Access Remains Planned

The expansion follows Ripple’s final U.S. trust bank approval, granted by the Office of the Comptroller of the Currency (OCC) and announced on October 26. The planned bank will work with RLUSD reserves and institutional custody. BNY remains RLUSD’s primary reserve custodian.

BNY also intends to let eligible clients create and redeem RLUSD directly through the bank and to support additional tokenized investment products. Both companies plan to expand support for tokenized financial products and collateral services as well. Neither company provided a timetable for those additions.

Ripple President Monica Long said the company’s focus is on putting tokenized assets to work in payments and collateral. With dates still absent, the near-term markers are concrete: a launch timetable for the C2FO receivables work, expressions of interest turning into named Instant Pay participants, and the arrival of direct RLUSD creation and redemption at BNY.