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28 Fear

Standard Chartered adopts XRP Ledger for RLUSD holdings

Original title: XRP: Standard Chartered Just Went ALL-IN (What You Need To Know)

DHN CRYPTO 18:23 3,708 views on YouTube XRP −4.4% RLUSD −0.0% ETH −0.8%

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Summary

Standard Chartered is adopting the XRP Ledger for its banking clients, indicating a move toward institutional use of the technology. The bank is using the ledger to hold the stablecoin RLUSD. Data cited in the video shows that, as of late September, $2.41 billion of RLUSD is in circulation and is backed by $2.53 billion in stablecoin reserves. The analysis also notes Ripple’s ongoing minting and burning activities on both the XRP Ledger and Ethereum, which are described as mechanisms that support the circulating supply of the assets.

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Key points

  1. Standard Chartered is adopting the XRP Ledger for its banking clients
  2. The bank is using the XRP Ledger to hold RLUSD
  3. As of late September, $2.41 billion of RLUSD is in circulation backed by $2.53 billion in stablecoin reserves
  4. Ripple is minting and burning assets on both the XRP Ledger and Ethereum to support circulating supply

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