How large is RLUSD compared with the stablecoin market?

RLUSD has a market value of about $2.45 billion, while the stablecoin market is worth roughly $306 billion. That puts RLUSD under 1% of the total market. The custody and collateral plans are therefore more about institutional infrastructure than about RLUSD's current market share.

What does Standard Chartered's USDC move show?

In July, Standard Chartered said it became the first global systemically important bank to let institutions mint and redeem Circle's USDC directly. That followed its existing Dubai crypto custody service. The RLUSD custody and planned LMAX link extend this pattern of regulated banks building services around existing stablecoins.

Standard Chartered Adds RLUSD Custody in Dubai, Plans LMAX Collateral Link

Standard Chartered has started offering institutional custody for Ripple's RLUSD stablecoin through its Dubai International Financial Centre branch and is preparing a collateral-mirroring link with LMAX Group. The LMAX portion is not yet live and still requires documentation, testing and regulatory approval.

Disclaimer: News content is based on public news sources and provided for information only. It does not constitute investment advice.

Standard Chartered Adds RLUSD Custody in Dubai, Plans LMAX Collateral Link

Forexlive·10/12/2026, 22:40:19· crypto

Custody Service Now Available Through DIFC Branch

Standard Chartered said eligible institutional clients can now hold the XRP Ledger version of RLUSD on its digital asset custody infrastructure. The service is run from its Dubai International Financial Centre branch and supervised by the Dubai Financial Services Authority. The bank 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. The RLUSD custody addition extends that existing institutional digital-asset business rather than creating a new standalone venue. This matters because regulated bank custody gives institutions a way to hold the stablecoin without relying solely on crypto-native custodians.

LMAX Integration Would Keep Tokens at the Bank

Standard Chartered has joined a planned integration with LMAX Group, a London-based currency and crypto marketplace. Under the proposed model, called collateral mirroring, RLUSD would remain in custody at Standard Chartered while LMAX receives a mirrored record of its value that counts toward a client's positions. The bank says the arrangement would make RLUSD eligible margin on agreed LMAX products. The design is aimed at counterparty risk: if a trading venue failed under the mirrored model, the client's tokens would still be held at Standard Chartered. The bank is one of 29 institutions the Financial Stability Board treats as globally systemically important and subjects to tougher capital requirements.

LMAX Leg Is Not Live and Needs Regulatory Sign-Off

The trading half of the announcement is not operational. Standard Chartered said the LMAX arrangement still depends on final documentation, testing and regulatory approval, and it gave no date for when clients will be able to post RLUSD as margin. That approval path is important because the model crosses bank custody, exchange margin and stablecoin settlement. Until the LMAX leg is live, the current service is limited to custody of the XRP Ledger version of RLUSD. Waqar Chaudry, who leads digital assets within the bank's securities services business, said institutions want exposure to digital asset markets without weakening protections around their holdings.

RLUSD's Scale and Regulatory Position

Ripple launched RLUSD in December 2024 on Ethereum and the XRP Ledger. The token is backed by US dollars, US government bonds and cash equivalents, and it received approval from Dubai's regulator in June 2025. Its market value is about $2.45 billion, which is under 1% of a roughly $306 billion stablecoin market. That relatively small footprint means the custody announcement is more significant for market structure and institutional access than for the token's current scale. It also shows how regulated banks are gradually adding services around stablecoins rather than issuing them directly.

Standard CharteredRLUSDStablecoin CustodyLMAX GroupDubai DIFC

Frequently asked questions

What is RLUSD?▾

RLUSD is a dollar-backed stablecoin launched by Ripple in December 2024 on Ethereum and the XRP Ledger. It is backed by US dollars, US government bonds and cash equivalents. It received approval from Dubai's regulator in June 2025 and has a market value of about $2.45 billion.

What is collateral mirroring?▾

Collateral mirroring is a structure in which stablecoin tokens remain in custody at a bank while a trading venue receives a mirrored record of their value. That value can count toward a client's positions without the tokens being moved onto the exchange. Standard Chartered and LMAX plan to use this model for RLUSD, subject to approvals.

Is the LMAX service live?▾

No. The LMAX integration is planned but not operational. It still requires final documentation, testing and regulatory sign-off, and no launch date has been given. Only the custody part for the XRP Ledger version of RLUSD is currently available to eligible clients.

Why is Dubai central to this announcement?▾

Standard Chartered is offering the custody through its Dubai International Financial Centre branch, which is supervised by the Dubai Financial Services Authority. The bank has provided crypto custody in Dubai since 2024, and RLUSD received Dubai regulatory approval in June 2025. This gives the service a regulated framework in a jurisdiction that has been developing digital-asset rules.

Key takeaways

Custody Service Now Available Through DIFC Branch

LMAX Integration Would Keep Tokens at the Bank

LMAX Leg Is Not Live and Needs Regulatory Sign-Off

RLUSD's Scale and Regulatory Position

Market-Structure Implications for Stablecoin Collateral

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Standard Chartered Adds RLUSD Custody in Dubai, Plans LMAX Collateral Link

Custody Service Now Available Through DIFC Branch

LMAX Integration Would Keep Tokens at the Bank

LMAX Leg Is Not Live and Needs Regulatory Sign-Off

RLUSD's Scale and Regulatory Position

Frequently asked questions

Key takeaways

Common mistakes to avoid

Related reading

Custody Service Now Available Through DIFC Branch

LMAX Integration Would Keep Tokens at the Bank

LMAX Leg Is Not Live and Needs Regulatory Sign-Off

RLUSD's Scale and Regulatory Position

Frequently asked questions

Key takeaways

Common mistakes to avoid

Related reading

Market-Structure Implications for Stablecoin Collateral