Ripple selects BNY Mellon as RLUSD reserve custodian, reinforcing stablecoin trust with strong regulatory and banking infrastructure.
RLUSD exceeds $500M in circulation as Ripple focuses on compliant, enterprise-grade solutions for faster and cheaper global payments.
The Ripple-BNY Mellon partnership merges traditional finance with blockchain to drive secure, large-scale adoption of stablecoin use.
Ripple has picked BNY Mellon to hold reserves for its stablecoin, Ripple USD (RLUSD). The collaboration brings together a top digital asset player and one of the oldest banks globally. This decision comes as Ripple pushes for mass adoption of enterprise-grade stablecoins.
BNY Mellon will serve as the primary custodian of RLUSD reserves and provide transaction banking support. RLUSD recently hit over $500 million in circulation, reflecting growing demand. Its use case focuses on speed, cost-efficiency, and cross-border payments.
A Strategic Custody Partnership
Besides providing custody, BNY Mellon will handle core reserve operations supporting RLUSD. The bank’s technology and regulatory credibility give Ripple strong infrastructure. Moreover, the partnership strengthens RLUSD’s appeal to large enterprises, not retail users. RLUSD was built under the NYDFS Trust Company Charter, giving it regulatory backing. Hence, financial giants are more comfortable adopting it. Amazon, Walmart, and major banks are reportedly exploring stablecoin options. Consequently, RLUSD’s enterprise-first approach aligns with institutional needs.
BNY Mellon's dedication to innovation makes them the perfect partner, according to Jack McDonald, SVP of Stablecoins at Ripple. He highlighted BNY's digital asset infrastructure and custody experience. Emily Portney, Global Head of Asset Servicing at BNY, commended the action in turn. She mentioned BNY's goal of developing comprehensive solutions for the ecosystem of digital assets. Furthermore, RLUSD's operational scale is increased by BNY's effective cash and reserve transfers.
Bridging Traditional and Digital Finance
This collaboration brings crypto closer to traditional banking. BNY Mellon’s 240-year legacy blends with Ripple’s digital innovation. Moreover, BNY was among the first banks to support crypto services in 2021. Caroline Butler, BNY’s Global Head of Digital Assets, highlighted this transition in her recent remarks to Congress. She stated that stablecoins reflect how money management is evolving.
Meanwhile, Ripple is expanding its digital asset strategy. It launched RLUSD in December 2024 on Ethereum and XRP Ledger. Regulatory clarity is improving, and Ripple has committed to meeting all reserve and disclosure requirements. Furthermore, Ripple recently ended its legal cross appeal with the SEC. The company remains focused on compliance, transparency, and enterprise-scale solutions.
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