Ripple selects BNY Mellon as custodian partner for the $500 million RLUSD Stablecoin

Ripple has chosen #BNYMellon , a bank managing $43 trillion in assets, as the primary custodian for its RLUSD stablecoin. This decision comes as the market capitalization of RLUSD reaches $500 million.

Strategic collaboration and significance

According to the press release, BNY Mellon will secure the funds backing RLUSD while providing leading trading banking services to support the operations of this stablecoin. #RLUSD was specifically built for enterprise utility purposes, meeting the needs of organizations.

Ripple CEO, Brad Garlinghouse, stated that partnering with BNY Mellon is a positive sign, reflecting the willingness of traditional financial institutions to work with stablecoin issuers and favorable regulatory signals for the industry. He emphasized that collaborating with trusted, well-managed partners is the way to build trust in this system.

BNY Mellon is one of the earliest traditional banks to support the digital asset space since 2021. Although much smaller than USDT or $USDC , the backing of RLUSD by a longstanding financial institution indicates the growing potential and legitimization of stablecoins in the market.