Standard Chartered Dubai offers institutional custody for Ripple's RLUSD stablecoin

Standard Chartered's Dubai International Financial Centre branch now provides institutional custody for Ripple's RLUSD stablecoin issued on the XRP Ledger. The bank is integrating with LMAX Group to allow clients to use RLUSD as trading collateral through collateral mirroring, meaning the tokens remain at the bank while LMAX credits their value. RLUSD has reached a market cap of roughly $2.45 billion, which is less than 1% of the $306 billion stablecoin market. This service is regulated by the Dubai Financial Services Authority (DFSA).