Ripple Partners with BNY Mellon as Primary Custodian for RLUSD Stablecoin Reserves

Ripple has officially designated the Bank of New York Mellon Corporation (BNY Mellon) as the principal custodian for its enterprise-grade stablecoin, Ripple USD (RLUSD). This collaboration marks a significant milestone in Ripple's efforts to foster institutional adoption of digital assets, leveraging BNY Mellon's esteemed reputation and extensive experience in bridging the gap between traditional finance and the digital asset ecosystem.

RLUSD distinguishes itself in the competitive stablecoin market through its emphasis on regulatory compliance, transparency, and utility for enterprises. Issued under a New York Department of Financial Services (NYDFS) Trust Company Charter, RLUSD is tailored to meet the stringent operational and risk management standards of financial institutions, aiming to enhance the efficiency, speed, and cost-effectiveness of cross-border payments.

BNY Mellon's role as the primary reserve custodian underscores Ripple's confidence in the bank's robust digital asset infrastructure. Beyond custody services, BNY Mellon will also provide transaction banking capabilities to support RLUSD's operations, reinforcing its commitment to facilitating interoperability between digital and traditional financial systems.

Jack McDonald, SVP of Stablecoins at Ripple, highlighted the partnership's significance, stating, "BNY Mellon combines proven custody expertise with a dedication to financial innovation, making it the ideal partner for Ripple and RLUSD."

Emily Portney, Global Head of Asset Servicing at BNY Mellon, expressed enthusiasm about the collaboration, noting, "As the primary custodian, we are excited to contribute to RLUSD's growth and adoption by ensuring the seamless management of reserve assets and cash for conversions."

In related developments, Switzerland's AMINA Bank has emerged as the first international financial institution to offer custody and trading services for RLUSD, with plans to expand its offerings in the near future. Additionally, RLUSD has received regulatory approval from Dubai's financial authorities, further solidifying its position in the global market.

Amidst these advancements, XRP has seen a remarkable 400% increase in value over the past year, positioning it as one of the top-performing cryptocurrencies. The anticipated approval of XRP ETFs later this year continues to bolster optimistic long-term price forecasts for XRP.