Standard Chartered has officially launched institutional custody services for Ripple’s RLUSD stablecoin on the XRP Ledger, the bank confirmed on October 12, 2026. The service is available through its Dubai International Financial Centre branch, regulated by the Dubai Financial Services Authority, and allows eligible institutional clients to hold RLUSD using the bank’s existing digital asset custody infrastructure.
The launch is part of a broader collaboration with Ripple and LMAX Group. Standard Chartered is preparing a separate collateral arrangement that would allow institutional customers to use RLUSD as trading collateral without moving the underlying tokens from the bank’s custody. Under the proposed collateral mirroring model, LMAX would recognize eligible RLUSD held at Standard Chartered, reducing operational risks tied to transfers between custodians and trading venues.
Waqar Chaudry, Standard Chartered’s global head of digital assets for securities and transaction services, said institutional clients want to participate in digital asset markets without compromising how assets are safeguarded or risk is managed. Ripple’s senior vice president of stablecoins, Jack McDonald, said the planned integration would connect RLUSD with institutional trading infrastructure while preserving trusted custody arrangements. Luke Dorney, head of digital asset custody at LMAX Group, added that RLUSD is becoming an increasingly important asset for institutional cryptocurrency activity.
However, the collateral functions are not yet live. Standard Chartered said implementation depends on final legal documentation, successful testing, applicable regulations, internal approvals and readiness in relevant jurisdictions. The bank did not disclose client numbers or the amount of RLUSD currently held in custody.
The announcement builds on a January 2026 multi-year partnership between Ripple and LMAX Group, under which Ripple agreed to provide $150 million in financing to support LMAX’s cross-asset operations. It also follows Standard Chartered’s expansion of digital asset custody into Luxembourg and its earlier collateral-mirroring pilot with OKX in April 2025. RLUSD had exceeded $2 billion in market value by August 2026, with nearly $1 billion issued on the XRP Ledger at that time.
