Ripple and BNY Expand Collaboration for Financing via XRP Network

Ripple and BNY are expanding their collaboration. BNY can now hold XRP and the stablecoin RLUSD for suitable business clients. Additionally, the parties are exploring with C2FO how approved business invoices can be financed through the XRP Ledger. BNY is adding XRP and RLUSD to its custody platform. The invoice project is still in exploration and does not mean that companies will start using XRP. BNY is expanding its services for digital assets, allowing clients to hold, maintain, and transfer XRP and RLUSD. BNY also aims to allow RLUSD to be created and redeemed directly through the bank. The collaboration focuses on trade financing, enabling investors to finance approved invoices earlier. Ripple and BNY want to digitally represent these receivables on the XRP Ledger, facilitating the offering to investors. However, there is no start date for the trial or information on participation and the currencies used. The use of the XRP Ledger does not mean that companies need XRP, as the network also supports other digital assets. The collaboration demonstrates that a major financial institution wants to offer more services around the network but does not guarantee additional demand for the coin.

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