BNY, which has $63.4 trillion under custody and administration, now directly holds XRP $XRP
. For Ripple, that’s the main takeaway: the largest custodian has opened a door institutions couldn’t enter without.
Previously, BNY was only the custodian of RLUSD reserves. Now its platform supports XRP and RLUSD as client assets.
The rest is still just an announcement:
- Issuing and redeeming RLUSD directly through BNY is a plan, with no date yet
- C2FO trade finance on the XRP Ledger is “exploring” and a waitlist
“Banks are getting into XRP” is a different story. Custody doesn’t mean buying, and no one has disclosed how much XRP BNY’s clients actually hold. The door is open, but the room is still empty (or they’re not showing us).
RLUSD should make the first move: it has a market cap of over $2.5 billion, with more than $1 billion of that on XRPL. If issuance through BNY goes live, we’ll see it right here.
I don’t hold XRP. In my opinion, until BNY’s volumes come in, this is just window dressing. What do you think?
#Ripple #xrp #BNY #RLUSD #C2FO
. For Ripple, that’s the main takeaway: the largest custodian has opened a door institutions couldn’t enter without.
Previously, BNY was only the custodian of RLUSD reserves. Now its platform supports XRP and RLUSD as client assets.
The rest is still just an announcement:
- Issuing and redeeming RLUSD directly through BNY is a plan, with no date yet
- C2FO trade finance on the XRP Ledger is “exploring” and a waitlist
“Banks are getting into XRP” is a different story. Custody doesn’t mean buying, and no one has disclosed how much XRP BNY’s clients actually hold. The door is open, but the room is still empty (or they’re not showing us).
RLUSD should make the first move: it has a market cap of over $2.5 billion, with more than $1 billion of that on XRPL. If issuance through BNY goes live, we’ll see it right here.
I don’t hold XRP. In my opinion, until BNY’s volumes come in, this is just window dressing. What do you think?
#Ripple #xrp #BNY #RLUSD #C2FO
