Standard Chartered has launched institutional custody for Ripple's RLUSD stablecoin on the XRP Ledger, marking the bank's latest move to embed regulated digital assets into traditional financial infrastructure. The service went live on Monday, October 12, 2026, through the bank's Dubai International Financial Centre branch under Dubai Financial Services Authority regulation.
The custody offering is not a standalone product. Standard Chartered is simultaneously working with Ripple and LMAX Group to enable RLUSD as eligible collateral for certain LMAX trading products under a collateral mirroring model. Under this arrangement, clients would keep RLUSD tokens in the bank's custody while the value of eligible collateral is mirrored to LMAX for trading purposes.
According to the bank, the model is expected to reduce transfer-related operational risk, optimize counterparty exposure, and improve capital efficiency for institutional participants. LMAX Group, a global cross-asset marketplace for foreign exchange and digital assets, has agreed to adopt Standard Chartered's collateral mirroring framework.
RLUSD, issued by Ripple subsidiary Standard Custody & Trust Company under New York Department of Financial Services supervision, reached approximately $2.4 billion in market capitalization as of late September 2026. Independent attestations show reserves exceeding circulation by roughly $120 million, with the token natively issued on both the XRP Ledger and Ethereum.