Key Takeaways
- • Bank of New York Mellon has expanded its digital-asset custody platform to cover XRP and RLUSD, announced jointly with Ripple, but the service is restricted to eligible institutional clients.
- • Ripple and BNY are only examining tokenized trade finance as a possible future use case, which remains under review rather than a confirmed launch.
- • US spot XRP ETFs recorded net outflows of $3.61M on the day reported, all from Bitwise's fund, following erratic flows that included $4.3M in net inflows between October 19 and the prior Thursday.
- • Ripple's recent initiatives, including the C2FO Instant Pay project and the Ripple National Trust Bank approval, center on RLUSD rather than a new role for XRP.
- • XRP traded at about $1.30 to $1.31 around the announcement, and a pending XRP Ledger upgrade (fixCleanup3_4_0) has been delayed pending validator support.
Summary
Bank of New York Mellon has widened its digital-asset custody business to cover XRP and RLUSD, according to a joint announcement from Ripple and the bank. The service is reserved for eligible institutional clients and is a restricted rollout rather than an offering open to all investors. XRP traded at 1.31 USD at the time of the announcement.
The announcement represents direct support for XRP itself, not only for applications built on the XRP Ledger. Ripple and BNY are separately examining tokenized trade finance, a use case that remains under review and has not been launched.
Other Ripple initiatives unveiled in the same period focus on RLUSD. Ripple and C2FO plan to move financing and settlement activity for C2FO Instant Pay onto the XRP Ledger, with RLUSD designated for settlement and no new settlement role for XRP. Ripple National Trust Bank received final approval a day earlier and will offer institutional crypto custody and support management of RLUSD reserves. A separate project with Arf and Ripple would provide licensed cross-border payment firms with short-term working capital in RLUSD on the ledger. Ripple also reported the launch of a tokenized share class of Aviva Investors' Sterling Liquidity Fund on the XRP Ledger, in which Aviva invested 50 million pounds; the underlying fund manages roughly 22 billion pounds, but the entire fund was not moved on-chain.
US spot XRP ETFs have shown erratic flows. Media reports put net inflows at 4.3 million USD between October 19 and the prior Thursday, followed by a flat Friday. The most recent session recorded net outflows of 3.61 million USD, all from Bitwise's fund, which ended a longer streak of inflows. XRP changed hands at 1.30 USD in the latest reading. A single day's figure does not establish a lasting trend.
A technical change to the XRP Ledger, fixCleanup3_4_0, remains pending. According to media reports, activation was postponed after validator support fell below the required threshold, with the expected date now November 4 at 14:46 UTC, provided support holds.
The announcement represents direct support for XRP itself, not only for applications built on the XRP Ledger. Ripple and BNY are separately examining tokenized trade finance, a use case that remains under review and has not been launched.
Other Ripple initiatives unveiled in the same period focus on RLUSD. Ripple and C2FO plan to move financing and settlement activity for C2FO Instant Pay onto the XRP Ledger, with RLUSD designated for settlement and no new settlement role for XRP. Ripple National Trust Bank received final approval a day earlier and will offer institutional crypto custody and support management of RLUSD reserves. A separate project with Arf and Ripple would provide licensed cross-border payment firms with short-term working capital in RLUSD on the ledger. Ripple also reported the launch of a tokenized share class of Aviva Investors' Sterling Liquidity Fund on the XRP Ledger, in which Aviva invested 50 million pounds; the underlying fund manages roughly 22 billion pounds, but the entire fund was not moved on-chain.
US spot XRP ETFs have shown erratic flows. Media reports put net inflows at 4.3 million USD between October 19 and the prior Thursday, followed by a flat Friday. The most recent session recorded net outflows of 3.61 million USD, all from Bitwise's fund, which ended a longer streak of inflows. XRP changed hands at 1.30 USD in the latest reading. A single day's figure does not establish a lasting trend.
A technical change to the XRP Ledger, fixCleanup3_4_0, remains pending. According to media reports, activation was postponed after validator support fell below the required threshold, with the expected date now November 4 at 14:46 UTC, provided support holds.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.