Ripple Partners BNY Mellon to Boost RLUSD Stablecoin Credibility

Ripple has expanded its strategy for the RLUSD stablecoin by partnering with a major global financial institution, BNY Mellon. This move, announced on July 9, is part of Ripple's broader initiative to establish RLUSD as a key player in regulated financial infrastructure. BNY Mellon, known for its extensive experience in digital asset custody and transaction services, will oversee RLUSD’s cash reserves and support Ripple’s operational functions through integrated banking solutions. This partnership aims to enhance the stablecoin’s credibility among institutional users, who are increasingly seeking reliable tools for cross-border payments.

Ripple’s stablecoin strategy is centered on meeting the demands of enterprise clients. RLUSD, which is pegged 1:1 to the U.S. dollar, is backed by segregated reserves of cash and cash equivalents. Its design prioritizes speed, cost efficiency, and regulatory compliance, making it an attractive option for businesses conducting international settlements. This focus on enterprise needs sets RLUSD apart from many other stablecoins that are primarily designed for retail usage.

This is not Ripple’s first strategic banking partnership. Earlier this year, the company collaborated with Switzerland’s AMINA Bank to offer RLUSD custody and trading services in Europe. This partnership brought the token into a regulated banking environment, further expanding its reach among institutional and private clients. The dual partnerships with BNY Mellon and AMINA Bank reflect Ripple’s ongoing effort to bridge traditional and decentralized finance, providing a seamless transition for enterprises looking to adopt digital assets.

RLUSD’s adoption is accelerating, with its circulating supply now surpassing $501 million. Of this, $435 million is on the Ethereum network, while $65 million is on the XRP Ledger. The stablecoin has gained regulatory approval in key jurisdictions, including New York and Dubai, further solidifying its position in the market. By aligning with major institutions like BNY Mellon, Ripple is positioning RLUSD as a trusted tool for global enterprise transactions, rather than just another retail stablecoin in a crowded market.

Jack McDonald, the Senior Vice President of Stablecoins at Ripple, emphasized that RLUSD addresses a critical gap in enterprise-grade financial tools. He praised BNY Mellon’s expertise and commitment to innovation, describing the bank as a ‘forward-thinking partner’ capable of bridging traditional and decentralized finance. Emily Portney, the Global Head of Asset Servicing at BNY Mellon, expressed pride in supporting the growth of digital assets by providing a differentiated platform designed to meet the evolving needs of institutions in the digital assets ecosystem.

This collaboration is expected to further fuel RLUSD’s momentum, as it continues to gain traction in regulated environments. The stablecoin’s design, which prioritizes speed, cost efficiency, and regulatory compliance, makes it an attractive option for businesses conducting international settlements. With its growing circulating supply and regulatory approvals, RLUSD is well-positioned to become a key player in the stablecoin market, particularly for enterprise-level cross-border transactions.