Ripple Partners with $50 Trillion Asset Giant BNY Mellon to Custody RLUSD Reserves
Ripple has chosen BNY Mellon, one of the worldās largest custodians with $50 trillion in assets under custody, as the primary custodian for its Ripple USD (RLUSD) stablecoin reserves. This move is aimed at enhancing institutional trust and regulatory compliance for its stablecoin, which launched in December 2024.
According to Rippleās press release issued in early July, the partnership is part of its broader strategy to strengthen regulatory ties and credibility in the stablecoin spaceāespecially amid the U.S.'s rapidly evolving crypto laws during the so-called āstablecoin summer.ā The Trump administration has begun rolling back tighter crypto regulations previously introduced under Biden.
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š¦ BNY Mellon to Strengthen RLUSD Compliance
Ripple, known for serving global institutional clients and developing XRP, said the collaboration with BNY Mellon will boost transparency, compliance, and operational efficiency for RLUSD.
Emily Portney, BNY Mellonās Global Head of Asset Servicing, said:
> āAs primary custodian, weāre excited to support RLUSDās adoption by managing reserve assets and facilitating smooth conversions. This partnership is a natural next step in our involvement with the digital asset economy.ā
BNY Mellon, which launched a crypto division in 2021, has since expanded its crypto custodial services, including Bitcoin and other digital assets.
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š Rippleās Push Toward U.S. Crypto Banking Integration
On July 2, Ripple filed for a national banking license with the Office of the Comptroller of the Currency (OCC), aiming to gain direct access to the Federal Reserveās payment systems through a master account request. This would allow Ripple to hold reserves without intermediaries and operate at a federal level.
Currently, RLUSD is regulated by the New York Department of Financial Services (NYDFS). However, if Ripple secures the national trust bank charter, the regulatory oversight would shift to the OCCāputting Ripple among the very few crypto firms with federal banking privileges.
Jack McDonald, Ripple's SVP of Stablecoins, said:
> āThis dual-layered regulation would set a new standard for compliance and transparency in the stablecoin market.ā
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š Institutional Momentum Builds Ahead of U.S. Legislation
Rippleās move comes amid growing institutional interest in stablecoins. Major companies like Amazon, Apple, Uber, Walmart, and Airbnb are reportedly exploring the launch of their own stablecoins for digital payments.
In June, the U.S. Congress advanced the Genius Act, legislation that would require stablecoin issuers to be nationally licensed banks and ensure all stablecoins are fully backed by fiat or U.S. Treasuries.
Currently, Anchorage Digital remains the only federally chartered crypto bank, while Circle (issuer of USDC) has also applied for federal approval.
Rippleās RLUSD stablecoin has now grown to a market cap of around $469 million, according to CoinMarketCap. News of Rippleās banking ambitions recently pushed its token XRP up 4%, breaking the $2.28 resistance level and signaling potential for a larger technical breakout.
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Rippleās alignment with major financial institutions and U.S. regulators could mark a turning point ā not just for RLUSD, but for the future of crypto-integrated finance.