Standard Chartered Launches Institutional Custody for Ripple USD
Standard Chartered PLC (STAN) has launched institutional custody for Ripple USD (RLUSD) on the XRP Ledger. The service is live through the bank's branch in the Dubai International Financial Centre, under the regulation of the Dubai Financial Services Authority.
The bank is partnering with Ripple and LMAX Group to allow Ripple USD to serve as eligible collateral under a collateral mirroring model. This system lets institutional clients mirror the value of their stablecoin collateral to LMAX Group without needing to transfer the underlying assets directly to the trading venue.
Looking ahead, the planned collateral setup remains subject to testing, regulatory requirements, final documentation, and internal approvals, with no set release date. Meanwhile, Standard Chartered PLC (STAN) plans to launch crypto custody in Singapore by the end of the year, expanding its existing digital asset operations in the UAE, Luxembourg, and Hong Kong.
Key points
- Standard Chartered PLC launched institutional custody for Ripple USD on the XRP Ledger through its Dubai branch.
- The bank is working with Ripple and LMAX Group to enable Ripple USD as collateral under a mirroring model.
- Collateral mirroring allows institutions to use Ripple USD for trading without moving assets to the venue.
- The collateral integration awaits final documentation, testing, regulatory approvals, and internal sign-off.
- Standard Chartered PLC plans to launch crypto custody in Singapore by the end of the year.
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Where is Standard Chartered offering custody for Ripple USD?
Standard Chartered provides custody support for Ripple USD through its Dubai International Financial Centre branch, regulated by the Dubai Financial Services Authority.
How will Standard Chartered and LMAX Group handle Ripple USD collateral?
Under a proposed collateral mirroring model, eligible Ripple USD value can be mirrored to LMAX Group without transferring the underlying assets directly to the trading venue.
When will Standard Chartered expand crypto custody to Singapore?
Standard Chartered plans to launch institutional crypto custody services in Singapore by the end of the year, adding to its operations in the UAE, Luxembourg, and Hong Kong.