Standard Chartered is set to custody RLUSD.
Standard Chartered officially welcomes Ripple’s RLUSD stablecoin under its latest custody roll-out. This is In partnership with LMAX Group to use RLUSD for institutional collateral.
For the moment this applies only to RLUSD on XRPL. Total RLUSD supply stands at $2.46B per Ripple’s own reporting.
It’s RLUSD reserve attestation from August is available.
Banks As Stablecoin Custodians
There are many stablecoin issuers around now.
Banks and stablecoin issuers could be forming a working relationship to help custody the stablecoin in question, as well as the reserves. This allows the latter to extend its digital asset solutions.
For stablecoin issuers, this opens up access to institutional clients and international corporates banking with a specific institution.
In the case of Ripple, it already partnered with BNY Mellon to help manage its RLUSD reserves.
This development also builds on its existing LMAX Infrastructure integration, especially after Ripple invested $150M into the trade group earlier this year.
Back in July, Standard Chartered received a direct USDC stablecoin mint and redeem access for Circle’s USDC stablecoin in UAE.
Recently, Standard Chartered also became a HKDAP stablecoin distributor.
