Standard Chartered Bank has announced plans to extend its digital asset infrastructure to support RLUSD, the stablecoin issued on the XRP Ledger.
According to the October 12 announcement, the global banking giant will make the service available through its Dubai International Financial Centre [DIFC] Branch, with operations under the purview of the Dubai Financial Services Authority [DFSA].
The custody service for the RLUSD stablecoin will be available to select institutional clients who meet certain requirements. These requirements were not stated in the announcement.
Standard Chartered’s global head of digital assets, securities services, and transaction services described the move as an attempt to meet client demand while prioritizing the security of their assets.
“Institutional clients want to participate in digital asset markets without compromising on how their assets are safeguarded or how risk is managed.”
Standard Chartered expands RLUSD trading utility
The bank has also partnered with LMAX Group’s trading infrastructure to support RLUSD held in the bank’s custody. The move will allow institutional clients to mirror their RLUSD held in Standard Chartered’s custody for trading without moving the underlying assets.
Chaudhry described the move as a way to help clients integrate their assets into other financial market activities.
“By integrating our capabilities with Ripple and LMAX, we can help clients incorporate digital assets more confidently into their broader financial activities.”
RLUSD remains the ninth-largest stablecoin by market capitalization, according to DeFiLlama, with a market capitalization of $2.447 billion, while the broader stablecoin market has a total market capitalization of $306.225 billion.
Standard Chartered now offers digital asset services to institutional investors across four markets: the UAE, Luxembourg, Hong Kong, and Singapore.
Final Summary
- Standard Chartered will offer RLUSD custody services to select institutional clients through its DIFC Branch under DFSA oversight.
- The partnership with LMAX Group will allow clients to mirror RLUSD held in custody for trading without moving the underlying assets.
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