Standard Chartered · Decrypt
Standard Chartered Will Hold Ripple's Stablecoin in Dubai—And Let Clients Trade With It Without Moving It
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Standard Chartered will now hold Ripple’s dollar-pegged stablecoin for institutional clients in Dubai, and it wants to let them trade with those tokens without ever handing them over to an exchange.
Key facts
- RLUSD is a stablecoin, a crypto token designed to always be worth $1 because it is backed by dollars, U.S. government bonds, and cash equivalents
- With mirroring, an exchange blowup would leave a trader’s collateral sitting at Standard Chartered, one of 29 banks the Financial Stability Board considers too big to fail and holds to tougher
- Standard Chartered has offered crypto custody in Dubai since 2024, and in July it said it became the first global systemically important bank to let institutions mint and redeem Circle’s USDC directly
- RLUSD got the Dubai regulator’s green light in June 2025
Summary
Standard Chartered's Dubai International Financial Centre branch now offers institutional custody for Ripple's RLUSD stablecoin issued on the XRP Ledger. A planned integration with LMAX Group would let clients use RLUSD as trading collateral through collateral mirroring, meaning the tokens stay at the bank while LMAX credits their value. RLUSD has grown to roughly $2.45 billion in market cap, still under 1% of a stablecoin market worth about $306 billion. “Standard Chartered today announced that it now supports institutional custody of Ripple USD (RLUSD) issued on the XRP Ledger (XRPL), giving eligible clients access to the Bank’s digital asset custody infrastructure.