Ripple has selected BNY Mellon as the primary custodian for its enterprise-grade stablecoin, RLUSD, a strategic move aimed at bolstering institutional confidence and bridging traditional finance with digital assets.
RLUSD, issued under a NYDFS Trust Company Charter, is designed for regulatory compliance, transparency, and efficient cross-border payments.
This partnership grants Ripple access to BNY Mellon’s digital asset expertise, with the bank also providing transaction banking support for RLUSD operations. The collaboration highlights BNY Mellon’s increasing involvement in the digital asset sector and its commitment to fostering interoperability between traditional and decentralized finance.
Ripple’s SVP of Stablecoins, Jack McDonald, praised BNY Mellon as an “ideal partner,” while Emily Portney of BNY Mellon emphasized the bank’s role in ensuring smooth reserve asset movement and conversion.
The move signifies a broader trend of established financial institutions embracing crypto. RLUSD is also gaining international traction, with Switzerland’s AMINA Bank now offering custody and trading services, and Dubai’s financial authority granting regulatory approval. Concurrently, Ripple’s native asset XRP has seen a 400% surge over the past year, with the potential for XRP ETFs further boosting the ecosystem’s long-term outlook.
Image Credit: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
