Banks Outline RLUSD Services as Ripple Adds Swaps and XRP Falls to $1.27

Two banks outlined new institutional services involving Ripple USD (RLUSD), while Ripple introduced perpetual swaps and XRP sank to a monthly low of $1.27 during the Oct. 17 flash crash. Standard Chartered announced Oct. 12 that its Dubai International Financial Centre branch would provide institutional custody for RLUSD on the XRP Ledger. A planned arrangement with Ripple and LMAX Group could also make RLUSD eligible as collateral for selected institutional trading products. Ripple added round-the-clock perpetual swaps tied to real-world assets to its prime brokerage platform. The launch gives institutional clients exposure to more than 100 markets tied to stocks, exchange-traded funds, commodities and currencies. Cross River Bank announced Oct. 16 that it plans to add RLUSD and XRP Ledger settlement to its banking infrastructure.

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