BNY widens its stablecoin ties to Ripple

What happened

BNY, one of the largest US custody banks, has expanded its partnership with Ripple, The Block reported on 27 October. The bank added Ripple's dollar-backed stablecoin RLUSD and the XRP token to its institutional custody platform. The two companies also plan to let BNY clients create and redeem RLUSD directly through the bank, and to explore trade finance on the XRP Ledger blockchain.

An invoice pilot

According to The Block, BNY, Ripple and working-capital provider C2FO are testing tokenised trade finance for supplier invoices. In the pilot, suppliers could receive funds against approved invoices in seconds instead of waiting several days for a bank transfer. Capital providers would fund the payments, and the original invoice terms and due dates would not change. The companies have not said when the custody services or trade finance tools will be available.

A second deal on the same day

Ripple also announced a partnership with Robinhood covering stablecoins, treasury operations and institutional markets, The Block reported. RLUSD is already available on Robinhood Chain and on the Bitstamp exchange, which Robinhood owns, and is expected in the Robinhood app later this year. The companies say RLUSD has a market value of about $2.5 billion; it launched in December 2024.

Background: what is a stablecoin?

A stablecoin is a digital token designed to keep a steady value, usually one US dollar, backed by reserves such as cash and short-term government debt. USDT and USDC are the best-known examples. BNY's role with RLUSD is not new: in July 2025 Ripple chose the bank as the main custodian of RLUSD's dollar reserves, according to a BNY press release. The new step moves the bank closer to the token itself, not just the money behind it.

Why it matters for payments

When a large custody bank holds a stablecoin and lets clients create and redeem it, the token moves closer to everyday banking. The invoice pilot also shows where stablecoins may matter first: business payments that today wait days for settlement. For consumers, "what is a stablecoin" remains one of the most searched money questions in the US and UK this week, according to Google Trends, alongside searches about the crypto wallet and USDC.

What to watch next

Both the BNY custody plans and the C2FO pilot are still in development. Watch for launch dates, for which BNY clients get access first, and for whether other large banks follow with their own stablecoin custody offers. Ripple President Monica Long said the industry is moving past simply issuing assets on blockchains.

What it means for Odix Pay users

Stablecoins are becoming part of mainstream finance, but you do not need a bank deal to use them. In Odix Pay you can add USDT or USDC to your account with a bank card through our licensed partner; the partner carries out the purchase. You can also send money to bank accounts abroad, with the fee and exchange rate shown before you confirm. Availability depends on your country, fees are shown in the app, and this is not investment advice. Odix Pay is not a crypto wallet, does not provide any crypto custody service, and does not operate as a crypto buy/sell, Bitcoin/BTC or crypto investment platform. More stories in the Odix Pay newsroom.