Standard Chartered Expands RLUSD Custody to Dubai, Eyes LMAX Integration

Standard Chartered Adds RLUSD Custody in Dubai

Standard Chartered has begun offering custody services for Ripple’s RLUSD stablecoin in Dubai, signaling further mainstream adoption of the asset. The move extends custody options for institutional clients looking to hold and transact in USD-backed digital currency.

LMAX Digital Integration Planned

Beyond custody, Standard Chartered plans to integrate RLUSD as eligible collateral on LMAX Digital, a leading institutional exchange for digital assets. This integration aims to enhance capital efficiency for traders and liquidity providers within the LMAX ecosystem. The bank did not specify a timeline for the integration.

Ripple’s Prior Investment in LMAX

Ripple previously invested $150 million in LMAX Digital to facilitate the integration of RLUSD into its institutional infrastructure. This earlier investment underscores Ripple's commitment to expanding the utility of RLUSD within established financial networks. RLUSD is designed to provide a stable and reliable on-ramp for institutional investors entering the digital asset space.

Implications for Institutional Adoption

The combination of Standard Chartered’s custody services and LMAX Digital’s exchange infrastructure positions RLUSD for increased use among institutional traders. Custody solutions from established financial institutions are a key requirement for many larger investors before they allocate capital to digital assets. The move could further legitimize stablecoins as a core component of institutional crypto strategies.

Source: CoinDesk