Ripple Partners with BNY Mellon to Secure RLUSD Stablecoin Following $500M Market Surge

In a significant boost to its credibility, Ripple has enlisted BNY Mellon, the United States' oldest bank, as the primary custodian for its USD-backed stablecoin, Ripple USD (RLUSD). This partnership underscores Ripple's commitment to regulatory compliance and institutional trust, with BNY Mellon tasked with safeguarding the reserves that underpin RLUSD. Emily Portney, Global Head of Asset Servicing at BNY Mellon, expressed enthusiasm about supporting RLUSD's growth and adoption through efficient reserve asset management. Launched in December 2024, RLUSD has rapidly achieved a $500 million market capitalization, backed 1:1 by cash and U.S. Treasuries, aligning with institutional security expectations. Ripple's ambitions extend beyond this partnership, with applications submitted for a national U.S. banking charter and a Federal Reserve master account, aiming for deeper integration into traditional finance. This development coincides with increasing institutional interest in stablecoins, dubbed 'Stablecoin Summer,' amid regulatory easing and legislative progress in the U.S. Additionally, AMINA Bank, a Swiss-regulated institution, has begun offering custody and trading services for RLUSD, further expanding its global footprint. With Wall Street backing and growing market momentum, RLUSD is poised to become a major player in the stablecoin arena, with its sights set on reaching a $1 billion market cap.