Ripple officially partners with Bank of New York Mellon (BNY Mellon) as the primary custodian for the US dollar reserves backing their stablecoin, Ripple USD (RLUSD). This move aims to enhance security, regulatory compliance, and increase institutional trust in RLUSD, which has reached a market capitalization of over $500 million just seven months after its launch in December 2024.

BNY Mellon, the oldest and largest custodian bank in the United States with assets under management reaching approximately $53 trillion, will provide storage and liquidity management services for the reserves that guarantee the value of RLUSD. This collaboration also supports Ripple's efforts to obtain a national banking license from the Office of the Comptroller of the Currency (OCC), which will enhance the standards of transparency and oversight for this stablecoin at the federal level.

With this partnership, Ripple strengthens its position as a trusted player in the institutional digital asset market, while bridging the traditional financial world and blockchain technology to promote wider and safer adoption of stablecoins #Ripple💰 $XRP