Standard Chartered Adds RLUSD Custody as Ripple Stablecoin Grows by $765M

Standard Chartered has launched institutional custody for Ripple's RLUSD stablecoin on the XRP Ledger (XRPL), giving eligible clients a new way to hold the dollar-pegged token through a traditional bank.

Announced on October 12, the service operates through Standard Chartered's Dubai International Financial Centre (DIFC) branch, which is regulated by the Dubai Financial Services Authority. The bank is also working with Ripple and LMAX Group to enable RLUSD as trading collateral in a planned integration.

The move comes after RLUSD recorded one of the largest stablecoin market-cap increases in the third quarter, adding $765.3 million over 90 days.

RLUSD Could Become Trading Collateral on LMAX

The planned integration would allow eligible institutions to use RLUSD to support trading positions on LMAX Group's platform without transferring the underlying tokens directly to the trading venue.

Under the proposed arrangement, Standard Chartered would mirror the value of eligible RLUSD holdings to LMAX. The tokens would remain in the bank's custody while their value supports agreed trading and collateral requirements.

This approach could reduce transfer-related operational risks and help institutions manage counterparty exposure. It may also allow firms to deploy capital more efficiently across trading activities.

However, the collateral integration is not yet live. The companies say it remains subject to final documentation, technical testing, applicable regulations, internal approvals and readiness in relevant jurisdictions. No launch date has been announced.

RLUSD Adds $765 Million in Q3

RLUSD's expansion provides context for Standard Chartered's move into custody.

According to RWA Foundation, RLUSD added $765.3 million in market capitalization over 90 days in the third quarter. Circle's USDC recorded a larger increase of $915 million, while United Stables added $474.2 million.

DeFiLlama data cited in the report puts RLUSD's circulating supply at around $2.4 billion, split between approximately $1.14 billion on XRPL and $1.3 billion on Ethereum. These figures can change as tokens are issued or redeemed.

The growing supply gives Ripple a larger pool of dollar-denominated tokens to support payments, transfers and institutional financial activity.

The development also adds to activity around the XRP Ledger. In a separate use case, XRPL's x402 payments passed 10 million tracked transactions, highlighting growing experimentation with software-driven payments. That milestone does not, by itself, establish demand for RLUSD.

Ripple and LMAX Already Have a Broader Partnership

Standard Chartered's custody launch builds on a wider collaboration between Ripple and LMAX Group.

The companies announced a multiyear partnership in January 2026 to expand RLUSD's use across LMAX's institutional trading infrastructure. Ripple committed $150 million in financing to support LMAX's expansion, with the partnership targeting products that include spot crypto trading, perpetual futures and contracts for difference.

Standard Chartered's role adds a banking custody option to that arrangement. Eligible institutions could keep their RLUSD with the bank while accessing agreed trading products through LMAX once the collateral integration is operational.

For institutions, this could help connect stablecoin holdings with trading activity without requiring tokens to move directly to an exchange or trading venue.

What Comes Next for RLUSD?

The custody service is now available to eligible institutional clients through Standard Chartered's DIFC branch. The next milestone is completing the planned collateral integration with LMAX.

The companies have not disclosed how much RLUSD Standard Chartered holds in custody or named participating clients. They have also not confirmed when the collateral service will become operational.

The commercial impact will depend on how widely institutions adopt the arrangement and which LMAX products ultimately accept RLUSD as collateral.

For now, the custody launch gives Ripple's stablecoin another route into institutional finance. Whether it leads to substantial new demand will become clearer as the planned integration moves toward launch.