Standard Chartered Will Hold Ripple's Stablecoin in Dubai—And Let Clients Trade With It Without Moving It

What happened

The bank's Dubai branch now offers custody for Ripple's RLUSD stablecoin (a digital token meant to hold a fixed value, usually one dollar) and plans a link with LMAX that lets institutions post it as trading collateral while the coins stay put. Decrypt News Business Standard Chartered Will Hold Ripple's Stablecoin in Dubai—And Let Clients Trade With It Without Moving It The bank's Dubai branch now offers custody for Ripple's RLUSD stablecoin and plans a link with LMAX that lets institutions post it as trading collateral while the coins stay put.

In brief Standard Chartered's Dubai International Financial Centre branch now offers institutional custody for Ripple's RLUSD stablecoin issued on the XRP Ledger. A planned integration with LMAX Group would let clients use RLUSD as trading collateral through collateral mirroring, meaning the tokens stay at the bank while LMAX credits their value.

RLUSD has grown to roughly $2.45 billion in market cap, still under 1% of a stablecoin market worth about $306 billion. Standard Chartered will now hold Ripple’s dollar-pegged stablecoin for institutional clients in Dubai, and it wants to let them trade with those tokens without ever handing them over to an exchange.