Eligible clients can now hold XRP through BNY, while transfers of existing tokens would not establish additional purchases.

BNY now supports custody of XRP and Ripple's RLUSD stablecoin for eligible institutional clients, according to an Oct. 27 announcement from Ripple, giving institutions another way to hold and transfer the XRP Ledger's native token.

The service offers a banking route to safeguard the asset and manage its operations. BNY describes its platform as connecting custody with settlement, accounting and servicing.

The announcement names no funded XRP custody client and discloses neither an XRP balance nor an incremental purchase. Moving tokens that clients already own to BNY would change their custodian without necessarily creating demand for more coins.

The change provides a route to custody XRP within BNY's servicing platform. The bank's existing workaround for stablecoins and tokenized assets provides context, but XRP custody directly concerns the token an institution would own.

BNY says its general custody platform uses segregated wallets, operational controls, and oversight. It also presents digital and traditional assets in a combined environment for settlement, accounting and servicing, which can simplify reconciliation and asset administration.

Those functions address how an institution manages an asset after deciding to hold it, and they can reduce operational friction. Yet, custody availability alone does not establish that every institution has the mandate, approvals, or appetite to acquire XRP.

Neither the release nor BNY's platform description provides an XRP-specific list of eligible customers or jurisdictions. BNY says the availability of accounts, products and services varies by customer and location.

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