Standard Chartered Offers Storage for Ripple's RLUSD on XRP Ledger

Standard Chartered has launched a new service for the storage of RLUSD, Ripple's digital dollar, for professional clients. The currency is securely stored on the XRP Ledger, the network that also supports XRP. Clients can have their RLUSD stored through the bank's regulated branch in Dubai. The bank aims to use RLUSD as collateral on the LMAX trading platform as well. This development could enhance the role of the XRP Ledger in the financial world, but it does not guarantee an increase in the XRP price. RLUSD is a stablecoin that tracks the value of the US dollar, backed by reserves in dollars or other readily available assets. Standard Chartered's move demonstrates that a major bank considers the network suitable for financial services, which could strengthen confidence in XRP in the long term. The collaboration with Ripple and LMAX is also intended to make RLUSD usable for trading, with the coins securely held by the bank. This arrangement is not yet operational and requires further agreements and approvals.

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