BNY offers XRP custody, but only 1 rollout type exists
BNY Mellon has begun offering custody services for XRP and Ripple's RLUSD stablecoin to eligible institutional clients, according to an Oct. 27 announcement from Ripple.
The service provides a banking route to safeguard XRP and manage its operations, with BNY describing its platform as connecting custody with settlement, accounting and servicing. The announcement does not name any funded XRP custody clients, disclose XRP balances, or indicate incremental purchases by clients.
BNY's XRP custody supports transfers and client allocations, but the bank has not disclosed specific balances or new purchases. The change gives institutions another way to hold and transfer the XRP Ledger's native token, though custody availability alone doesn't confirm that institutions have the mandate or appetite to acquire XRP.
BNY's Platform Features
The bank's general custody platform uses segregated wallets, operational controls, and oversight. It presents digital and traditional assets in a combined environment for settlement, accounting and servicing, which can simplify reconciliation and asset administration.
BNY says the availability of accounts, products and services varies by customer and location. Its Oct. 8 European custody expansion was for select institutions, but that announcement didn't establish XRP-specific availability across the EU.
Existing Ripple Relationship
BNY's relationship with Ripple already covered different layers of digital finance. The bank was selected as RLUSD's primary reserve custodian on July 9, 2025, involving the reserve assets and cash that support the stablecoin. The Oct. 27 release also cites BNY's custody relationship with Ripple Prime.
The clearest evidence of service use would be XRP deposited into funded client custody accounts.
C2FO Settlement Initiative
C2FO, a working-capital platform, announced a separate initiative with Ripple on Oct. 27. The companies plan to bring financing and settlement supporting C2FO Instant Pay onto the XRP Ledger, using RLUSD for settlement.
The initiative aims to shorten settlement delays after early payment is arranged. However, the Instant Pay product page limits access: businesses can join a waitlist, access will expand through a limited rollout over coming months, and the offering will be available only in the US at launch.
Ripple and BNY say they are examining a C2FO supply-chain financing initiative intended to broaden investor access to approved receivables, subject to client requirements. They also plan to expand support for XRPL-issued assets and work toward direct RLUSD minting and redemption for BNY clients.
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