Standard Chartered Offers Custody for Ripple’s RLUSD in Dubai
- Standard Chartered’s Dubai branch now provides institutional custody for Ripple’s RLUSD stablecoin on the XRP Ledger.
- RLUSD has a market cap of approximately $2.45 billion, representing less than 1% of the global stablecoin market valued at around $306 billion.
- The bank plans to integrate with LMAX Group to use RLUSD as trading collateral through collateral mirroring, allowing tokens to remain at the bank while LMAX credits their value.
- This service is regulated by the Dubai Financial Services Authority (DFSA) and aims to let clients trade without transferring tokens to an exchange.
Standard Chartered has launched a new service in Dubai that offers institutional custody for Ripple’s RLUSD stablecoin, enhancing digital asset security and trading flexibility for its clients through planned integration with LMAX Group.
The RLUSD stablecoin, backed by dollars and cash equivalents, is gaining traction with a $2.45 billion market cap, though it remains a small fraction of the overall stablecoin market. This initiative underscores Standard Chartered’s commitment to facilitating secure digital asset transactions without compromising asset safety. (Source)
