Standard Chartered Bank Launches Ripple USD Custody Service and Collaborates with Ripple and LMAX to Advance Collateral Integration

Techub News reports that Standard Chartered Bank has announced official support for institutional custody services for the stablecoin Ripple USD issued on the XRP Ledger, provided by its DIFC branch regulated by the Dubai Financial Services Authority. Additionally, Standard Chartered Bank is collaborating with Ripple and LMAX Group to plan to make RLUSD eligible collateral and to expand its collateral mirroring model to LMAX Group.

Waqar Chaudry, Global Head of Digital Assets at Standard Chartered Bank, stated that by integrating capabilities with Ripple and LMAX, the bank can help clients more confidently incorporate digital assets into their broader financial activities. Luke Dorney, Head of Digital Asset Custody at LMAX Group, mentioned that RLUSD is becoming an increasingly important component in the institutional digital asset market. Jack McDonald, Senior Vice President of Stablecoin Business at Ripple, said that combining RLUSD on the XRP Ledger, Standard Chartered's custody capabilities, and LMAX's institutional trading infrastructure creates a viable path for institutions to utilize stablecoins in the global market. (Ripple Press Release)