November 4, 2026 11:22 GMT
C2FO, Ripple and BNY are testing a tokenised receivables financing programme, with a “controlled launch” in the US planned by the end of the year.
US-headquartered working capital platform C2FO is piloting a way to pay suppliers within seconds using Ripple’s blockchain, a spokesperson told GTR.
The supply chain finance initiative – backed by New York City-headquartered lender BNY, which is a reserve custodian for Ripple’s stablecoin – is currently in a “controlled rollout phase”, with a wider launch open to US-based suppliers only expected by the end of 2026, they said.
C2FO’s supply chain finance platform typically lets suppliers get paid early on invoices their customers have already approved, with investors providing the cash.
As part of the trial, investors pay for the invoices using Ripple’s stablecoin, RLUSD, which is pegged to the US dollar. In return, they will hold digital tokens representing the invoices.
The payments will then be settled on the XRP Ledger, the public blockchain backed by Ripple. Suppliers can receive instant payment using RLUSD for settlement, the companies explained.
This could remove the usual three- to seven-day waiting period as funds move through legacy bank settlement infrastructure, the C2FO spokesperson said.
Suppliers will not be directly involved in the behind-the-scenes blockchain transactions, C2FO added, and they can choose to be paid in fiat currency.
They will not need to hold RLUSD or set up a digital wallet, and will not take on any currency risk. Using the service is optional, the spokesperson said.
“The risk allocation is the same as a receivable purchase,” they added. “The capital provider that buys the receivable carries buyer non-payment risk – what’s different is speed, the information that moves with the money, and how much capital can reach the asset.”
C2FO said the investors included private credit providers, and that the programme was being run with partners regulated by the New York Department of Financial Services and the US Federal Deposit Insurance Corporation. It declined to name them, or to disclose supplier numbers or volumes because the pilot is at an early stage.
International expansion “is part of C2FO’s longer-term plans”, the spokesperson said, but no further details were revealed.
C2FO said its existing early payment programmes has helped businesses access more than US$525bn in working capital through faster payment of approved invoices.
“We’ve spent years building a platform that gives businesses more information and control over their working capital,” said Ragui Selwanes, president and COO Americas at C2FO, in a statement announcing the pilot.
“The next opportunity is to make the financial infrastructure behind our marketplace as efficient and connected as the experience we’ve created for customers.”
Tokenised trade finance uses blockchain technology to digitally represent existing trade finance assets, such as receivables, with the potential to broaden investor access and simplify how those assets are managed and distributed.
The supply chain finance programme is “the first step” in BNY and Ripple’s plan to “advance tokenised trade finance on the XRP Ledger”, the pair said in a joint statement, as they announced the lender will also support RLUSD and Ripple’s XRP token on its Digital Asset Custody platform.
This means BNY’s institutional clients, such as asset managers, can now hold XRP and RLUSD with the bank in the same way they hold shares or bonds, rather than having to manage their own crypto wallets.
“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,” said Monica Long, Ripple’s president.
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Tags: Blockchain, BNY, C2FO, Cryptocurrency, Digital trade, Ripple, Supply Chain Finance
