Ripple Partners With BNY Mellon For RLUSD Custody Boosting Institutional Confidence

Ripple has announced a significant partnership with BNY Mellon, the oldest bank in the U.S., to act as the primary custodian for its U.S. dollar-backed stablecoin, Ripple USD (RLUSD). This collaboration marks a pivotal moment for Ripple and the broader stablecoin industry, as BNY Mellon will now hold the reserves that back RLUSD. This move is aimed at enhancing regulatory compliance and boosting institutional confidence in RLUSD.

Emily Portney, Global Head of Asset Servicing at BNY Mellon, expressed enthusiasm about the partnership, stating, “As primary custodian, we are thrilled to support the growth and adoption of RLUSD by facilitating the seamless movement of reserve assets and cash to support conversions.” This endorsement from a major Wall Street institution is expected to strengthen Ripple’s position in the eyes of regulators and institutions, particularly given BNY Mellon’s reputation for working with large corporations and governments.

RLUSD, launched in December 2024, has already surpassed a $500 million market cap within just seven months. This rapid growth is notable even in the fast-moving cryptocurrency space. The stablecoin is fully backed 1:1 by cash and U.S. Treasuries, providing the security that institutions demand. Ripple designed RLUSD to complement its payment network and XRP token, and it is now gaining traction in real-world applications.

In addition to its partnership with BNY Mellon, Ripple is also expanding its institutional push by applying for a national U.S. banking charter and a Federal Reserve master account. If approved, these applications would allow Ripple to hold reserves directly with the central bank and utilize its payment rails, further integrating the company into the traditional financial system. This move underscores Ripple’s commitment to long-term integration with the financial sector.

Ripple’s latest developments are part of a broader trend in the U.S. known as “Stablecoin Summer.” As the Trump administration eases crypto restrictions and Congress moves closer to passing stablecoin laws, institutional interest in stablecoins is on the rise. Major tech companies, including Amazon, Walmart, Uber, Apple, and Airbnb, are reportedly exploring stablecoin use cases, making Ripple’s deal with BNY Mellon particularly timely.

Further expanding RLUSD’s global reach, AMINA Bank, a licensed Swiss institution regulated by FINMA, is now offering custody and trading services for RLUSD. AMINA serves institutional investors and corporations, adding to RLUSD’s credibility on an international scale. Clients can manage their RLUSD through AMINA’s secure mobile and desktop platforms, which are built on infrastructure trusted by banks worldwide.

With a major Wall Street partner and growing momentum, Ripple is positioning RLUSD as a serious contender in the stablecoin space. The next significant milestone for RLUSD could be reaching a $1 billion market cap, further solidifying its position in the market.