Standard Chartered to custody Ripple's RLUSD stablecoin for institutions in Dubai

Standard Chartered now offers institutional custody of Ripple USD (RLUSD), Ripple's dollar-pegged stablecoin, issued on the XRP Ledger. The service runs through the bank's DIFC branch in Dubai, regulated by the Dubai Financial Services Authority.

Why custody matters

Custody means a regulated institution holds the asset and is legally responsible for it. For institutions, that can matter more than the token itself: many cannot hold assets on an exchange or in self-custody.

RLUSD launched in December 2024 on Ethereum and the XRP Ledger and is backed by dollars, U.S. government bonds and cash equivalents. The bank's service covers the XRPL version. RLUSD received the Dubai regulator's approval in June 2025.

Collateral mirroring with LMAX

Standard Chartered also joined a planned integration with LMAX Group, the London-based currency and crypto marketplace, to make RLUSD eligible collateral on some LMAX products.

• The RLUSD stays at the bank.
• LMAX receives a mirrored record of its value, which counts toward the client's trades.
• If an exchange failed, the trader's collateral would still sit at Standard Chartered.

The LMAX part is not live yet; the bank says it still needs final documentation, testing and regulatory approval, and gave no date.

"Institutional clients want to participate in digital asset markets without compromising on how their assets are safeguarded," said Waqar Chaudry, head of digital assets in the bank's securities services unit.