Standard Chartered Offers RLUSD Custody in Dubai

Standard Chartered says its Dubai branch now offers institutional custody for Ripple’s RLUSD stablecoin, while a proposed arrangement allowing clients to use the token as collateral on LMAX remains conditional and is not live. The bank’s Singapore custody plan is separate and does not confirm support for RLUSD. The Dubai service is for institutional custody of RLUSD on the XRP Ledger, according to Standard Chartered. The bank and LMAX Group plan to enable clients to use RLUSD held at the bank to back trades on LMAX without transferring the tokens to the trading venue. Standard Chartered said the LMAX link remains subject to documentation, testing, regulatory requirements and internal approvals. The proposed setup would keep custody with the bank while allowing the assets’ value to be used as trading collateral. The bank has not said that this arrangement has begun operating. Ripple provided LMAX with $150 million in financing in January as part of plans to integrate RLUSD into its institutional infrastructure, including trading, according to the reports.