Ripple, a major player in the digital payments space, has announced a strategic partnership with the legendary U.S. bank BNY Mellon, which will serve as the primary custodian for reserves backing Ripple’s RLUSD stablecoin. With over $50 trillion in assets under custody, BNY Mellon adds serious credibility to the stablecoin’s institutional adoption.

✅ Strengthening Trust and Regulatory Alignment

The RLUSD stablecoin, launched by Ripple in late 2024, is now backed by BNY Mellon, a move aimed at boosting confidence and regulatory compliance amid fast-changing U.S. stablecoin legislation.

This comes as Washington accelerates crypto legislation in what’s being called the “Summer of Stablecoins.” The Trump administration is easing regulatory burdens imposed during the Biden era, creating a more favorable climate for digital assets.

🏛 Ripple Applies for U.S. Bank Charter

In a major regulatory push, Ripple submitted an application on July 2nd to the U.S. Office of the Comptroller of the Currency (OCC) for a national banking license. If approved, this would give Ripple direct access to U.S. central bank payment rails without intermediaries.

Ripple has also applied for a master account with the Federal Reserve, positioning itself among the very few crypto companies with privileged access to core financial infrastructure. RLUSD is currently regulated at the state level by the New York Department of Financial Services (NYDFS), but a successful OCC license would move oversight to the federal level.

Senior VP for stablecoins Jack McDonald said that this dual regulatory model could set a new benchmark for transparency and compliance in the stablecoin sector.

🏦 BNY Mellon: A Traditional Giant Embracing Crypto

BNY Mellon, the oldest bank in the U.S., made its first major move into digital assets in 2021 by launching its own crypto unit. Today, it offers custody services for Bitcoin and other tokens. Emily Portney, Global Head of Asset Servicing at BNY Mellon, described the Ripple partnership as a “natural evolution” of the bank’s crypto engagement.

“As custodian, we’re excited to support RLUSD’s growth by streamlining reserve and cash movement for conversions,” Portney stated. “We’re proud to work closely with Ripple to help shape the future of the financial system.”

🌐 U.S. Congress Sets the Stage for a Stablecoin Boom

Beyond Ripple, other giants like Amazon, Apple, Airbnb, Uber, and Walmart are reportedly exploring their own stablecoin solutions to enable fast, low-cost payments.

On June 17th, U.S. lawmakers introduced the Genius Act, a bill that would formally integrate stablecoins into the U.S. financial system. The legislation would require stablecoin issuers to obtain a national banking license and maintain 1:1 backing with fiat currency or U.S. Treasuries.

At present, Anchorage Digital remains the only federally chartered crypto bank, while Circle, the $62 billion issuer of USDC, has also filed an application.

📈 XRP Jumps on Ripple’s Banking Ambitions

News of Ripple’s banking license application and its partnership with BNY Mellon immediately boosted sentiment around XRP, the company’s native token. XRP jumped 4%, breaking past the critical $2.28 resistance level—a potential setup for more technical upside.




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