Ripple, BNY and C2FO have joined forces for an XRP Ledger-based pilot aimed at helping suppliers access financing within seconds against approved invoices, instead of waiting days.
According to a statement reported by The Block, BNY has expanded its partnership with Ripple by adding XRP and the dollar-backed stablecoin RLUSD to its institutional custody platform. The new phase of the partnership focuses on digitizing businesses’ invoice receivables on the blockchain and using them for financing.
BNY currently serves as RLUSD’s primary reserve custodian and also has a custody relationship with Ripple Prime. Under the new arrangement, the goal is also to enable the bank’s clients to mint and redeem RLUSD directly through BNY.
Financing without changing invoice due dates
The pilot, which also involves working capital provider C2FO, aims to move supply chain receivables onto the XRP Ledger. Under the model, suppliers will be able to obtain financing against their approved invoices and access funds within seconds, rather than waiting several days for bank transfers to clear.
Participating capital providers will fund the payments. The terms of existing invoices and their due dates will remain unchanged. The test therefore focuses on speeding up businesses’ access to cash without changing commercial agreements.
Ripple President Monica Long described the company’s goal as going beyond simply issuing assets on the blockchain and making them usable for payments and as collateral. Dates for the launch of the new custody-linked services planned with BNY and broader trade finance applications have not yet been announced.
New partnership with Robinhood, too
Ripple also announced a partnership with Robinhood on the same day, covering stablecoins, cash management and institutional markets. RLUSD is already available on Robinhood Chain and Bitstamp by Robinhood, and is expected to be added to the Robinhood app later this year.
Robinhood plans to use RLUSD to settle institutional transactions on the XRP Ledger and integrate Ripple Treasury for cash management, payments and liquidity operations.
Launched in December 2024, RLUSD has reached a market capitalization of approximately $2.5 billion, with more than $1 billion of it issued on the XRP Ledger. The new partnerships aim to expand the stablecoin’s use in banking and institutional payment processes.
Not investment advice.