Unlocking Potential: What If 0.1% of BNY’s $63 Trillion Flows into XRP?

Brief Overview

• BNY will provide custody for clients holding XRP but does not possess any itself, and there is no disclosed revenue or custody balance from XRP.

• A mere 0.1% of BNY’s $63 trillion assets would equate to $63 billion, which amounts to about 76% of the total market cap of XRP; however, BNY has not committed to such an allocation.

• Invoices related to trade finance are more likely to be settled using RLUSD rather than XRP, consequently reducing the role of XRP to minimal network fees incurred per transaction.

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Ripple has strengthened its collaboration with BNY (NYSE:BK), the financial institution responsible for managing Pershing and Dreyfus. The updated agreement now encompasses custody services and tokenized trade finance, utilizing Ripple’s blockchain for its operations. BNY will additionally provide custody for holders of XRP (CRYPTO:XRP) and Ripple’s stablecoin, Ripple USD (CRYPTO:RLUSD).

Both Ripple and BNY are exploring the potential of using the XRP Ledger for financing approved invoices, with C2FO integrating trade finance onto the ledger. However, neither Ripple nor BNY has provided details on which clients will benefit from XRP custody or when this service will launch, and there was no mention of XRP during BNY’s earnings call on October 15, 2026.

On October 27, 2026, XRP was valued at $1.32, showing a 2.3% increase over 24 hours, although it has declined by 13% in the last month and 28.3% since December 31, 2025. Shares of BNY were trading around $148, experiencing a rise of less than 1% during the session.

BNY’s Q3 2026 financial results indicated $63.4 trillion in assets held under its custody and administration as of September 30, 2026. There is ongoing speculation among XRP holders about what would occur if 0.1% of that total were allocated to XRP. What is needed for XRP custody to lead to actual demand?

Details of BNY’s Partnership with Ripple and Its Revenue Model

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When a banking institution offers custody services, it safeguards assets for clients, maintains ownership records, and oversees settlements. Clients retain ownership of these assets while paying a fee to the bank. The figures for custody and administration accumulate all that BNY manages or oversees, which is distinct from the $2.2 trillion in assets under its management, where BNY’s fund managers decide how to invest.

BNY has been the principal custodian of RLUSD since July 9, 2025, overseeing the cash and U.S. Treasuries supporting each token, and it also facilitates transaction banking services for the stablecoin. Recent reports indicate that BNY holds both the tokens and the dollars that back RLUSD.

In Q3 2026, BNY posted revenue of $5.68 billion, with fees increasing by 12% year-on-year to $4.08 billion. Net interest income, which reflects the earnings from loans and securities after compensating depositors, rose by 15% to $1.42 billion. Adjusted earnings per share reached $2.37, with Asset Servicing contributing $2.13 billion and Pershing accounting for $813 million.

BNY’s efforts in digital assets mainly focus on dollars, rather than tokens like XRP. It manages stablecoin reserves and facilitates tokenized money market funds for clients such as BlackRock (NYSE:BLK), but no revenue or custody balance related to digital assets has been disclosed, and there is no mention of XRP in its 2026 guidance for nearly 500 basis points of beneficial operating leverage.

The Reality of XRP Custody and Its Impact on Demand

As a custodian, BNY safeguards whatever assets clients choose to hold. With XRP custody, BNY will hold the coins on behalf of clients without purchasing any for its own balance sheet, and the reports do not indicate that any BNY client has committed to maintaining XRP. Much of the $63.4 trillion comprises stocks, bonds, and fund shares owned by pensions, insurers, and asset managers.

The trade finance reports do not specify which asset is utilized for invoice settlements, nor do they mention XRP. RLUSD, the Ripple product that BNY already supports with reserve custody, seems a more plausible option for invoice payments. This implies XRP’s role could be limited to the minimal network fees incurred in each XRP Ledger transaction.

Robin Vince, BNY’s CEO, leads Ripple’s counterparty in this collaboration, so his statements reflect BNY’s sales approach. On the earnings call of October 2026, he mentioned BNY’s objective to “enhance capabilities and partner with our clients in their transition to the digital realm,” without naming any specific cryptocurrency.

Institutions seeking XRP custody have already partnered with crypto-native custodians, such as Coinbase (NASDAQ:COIN) and Anchorage. Furthermore, Ripple’s bank agreements tend to favor stablecoins. Notably, Standard Chartered initiated institutional custody for RLUSD on Ripple’s blockchain through its Dubai branch on October 12, 2026. Major rivals in custody services like State Street (NYSE:STT) are also pursuing the same clientele. This makes the BNY partnership appear to be a strategic move to keep pace with its product offerings.

Exploring the Implications of the 0.1% Hypothetical Scenario

If 0.1% of $63.4 trillion was allocated, it would represent $63.4 billion, which is equivalent to 75.7% of XRP’s total market value of $83.8 billion. Although this figure seems significant, BNY has not put forth such expectations. Clients would need to divest from other investments to acquire XRP independently, and BNY would only hold the assets for these clients.

Additionally, the arrival of new funds can affect market value irregularly. Only a small fraction of XRP’s supply is traded daily; thus, any purchases could drive the price up disproportionately when sellers are limited, while the same purchases yield less price impact when long-term holders begin selling into that demand. Market valuation is derived from price times circulating supply, enabling significant fluctuations that can exceed the incoming cash amount.

Will BNY’s XRP Custody Affect the Token’s Price?

Currently, the evidence suggests that it will not. BNY gains a product to offer clients who currently hold XRP or wish to acquire it, establishing a closer relationship with Ripple and generating additional fee revenue through RLUSD. While XRP may have a more accessible entry point for institutions that only approve large banking custodians, it requires buyers to elevate its price.

XRP is currently trading below its 20-day and 50-day moving averages, priced at $1.40 and $1.34 respectively, yet remains above its 200-day moving average of $1.28. It is trading 63.8% less than its all-time high of $3.65 reached on July 17, 2025. The upcoming earnings report from BNY will serve as a crucial indicator. Disclosure of a custody balance or client commitments would signal rising demand, while a lack of mention of XRP would leave the arrangement as merely servicing existing XRP holders.

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