Standard Chartered Bolsters Stablecoin Custody with RLUSD Integration

Introduction to RLUSD and Standard Chartered's Move

Standard Chartered has announced plans to extend its digital asset infrastructure to support RLUSD, the stablecoin issued on the XRP Ledger. This move is aimed at meeting client demand for digital asset participation while prioritizing the security of their assets.

Partnerships with LMAX Group and Ripple

The bank has partnered with LMAX Group's trading infrastructure to support RLUSD held in its custody. This partnership will allow institutional clients to mirror their RLUSD held in Standard Chartered's custody for trading without moving the underlying assets.

Benefits of RLUSD Custody

RLUSD remains the ninth-largest stablecoin by market capitalization, with a market capitalization of $2.447 billion. The broader stablecoin market has a total market capitalization of $306.225 billion. Standard Chartered's move to support RLUSD custody will enable institutional clients to integrate their digital assets more confidently into their broader financial activities.

Expansion of Digital Asset Services

Standard Chartered now offers digital asset services to institutional investors across four markets: the UAE, Luxembourg, Hong Kong, and Singapore. This expansion is part of the bank's efforts to cater to the growing demand for digital assets.

Conclusion

Standard Chartered's move to support RLUSD custody is a significant step towards expanding its digital asset services. This partnership with LMAX Group will enable institutional clients to participate in the digital asset market while ensuring the security of their assets.