Ripple Partners with BNY Mellon for RLUSD Custody, Minting Surges 35% in 24 Hours

Ripple has made a significant move in the stablecoin market by selecting BNY Mellon as the primary custodian for its enterprise-focused stablecoin, RLUSD. This partnership is a strategic step towards integrating institutional trust and infrastructure into the cryptocurrency ecosystem. BNY Mellon, known for managing over $45 trillion in assets under custody, will be responsible for the safekeeping of RLUSD’s dollar reserves and providing core transaction banking services to ensure operational safety and compliance. This move is seen as a foundational step towards creating a scalable and compliant digital asset infrastructure, reflecting the growing demand for regulated and transparent stablecoins that can operate at an enterprise scale.

Since early July, Ripple has minted over 46 million RLUSD, with a notable surge of 16 million tokens created in a single 24-hour period. This rapid issuance coincides with Ripple’s efforts to bridge the gap between traditional finance and the cryptonative realm. The minting activity peaked on July 2 and 3, with over 14 million and 16 million tokens minted, respectively. This indicates a growing institutional belief in RLUSD’s utility and reserve support. The total market capitalization of RLUSD has surpassed $500 million, positioning it to challenge legacy stablecoins like USDC and USDT, especially in sectors requiring compliance-first solutions.

One of the key differentiators for RLUSD is its issuance under a New York Department of Financial Services (NYDFS) Trust Company Charter. This regulatory status allows RLUSD to meet institutional risk oversight and operational safekeeping practices, setting it apart from more consumer-focused stablecoins. Compliance is not just a regulatory requirement but also a growth driver for Ripple. The company is positioning RLUSD to enhance cross-border payment efficiency, meet rigorous auditing and reserve transparency standards, and offer clear redemption rights to institutional holders. With heightened regulatory scrutiny around stablecoins in the U.S., the NYDFS trust license is a significant advantage for RLUSD, providing legal protections and custodial support that other stablecoins lack.

This partnership between Ripple and BNY Mellon goes beyond custody, signaling a structural convergence of traditional financial institutions and native blockchain companies. For BNY Mellon, this move is part of a broader push into digital assets. For Ripple, it validates its long-standing goal to professionalize and scale the crypto experience for banks, fintechs, and payment processors. BNY Mellon is expected to facilitate reserve fund flows, provide operational scalability, and enable full reconciliation and reporting features to satisfy institutional risk teams. This model aligns with Ripple’s ambition to turn RLUSD into a bridge between crypto and traditional finance, making stablecoin adoption more seamless for banks and large corporates.

The momentum for RLUSD is already expanding globally. Switzerland’s AMINA Bank has been onboarded as the first overseas financial institution to take custody and trading of RLUSD, attracted by the token’s transparency and regulatory design. Ripple is also seeking a national banking charter in the United States, which could further enhance RLUSD’s stature by placing it under direct federal control. Additionally, Dubai’s Virtual Assets Regulatory Authority (VARA) has reportedly given regulatory consent to RLUSD, suggesting potential expansion into the MENA region, where demand for compliant stablecoin offerings is high. This global alignment underscores the growing importance of regulated stablecoins as critical financial infrastructure for the world.