Ripple Partners With BNY Mellon For RLUSD Stablecoin Custody

Ripple has announced a significant partnership with BNY Mellon, the oldest bank in the U.S., to serve as the primary custodian for its RLUSD stablecoin, effective from July 9, 2025. This collaboration marks a crucial step in Ripple's strategy to integrate traditional finance with the digital currency ecosystem, emphasizing institutional trust and regulatory compliance.

Jack McDonald, Senior Vice President of Stablecoins at Ripple, highlighted BNY Mellon's expertise in custody and commitment to financial innovation as key factors in the partnership. The collaboration involves BNY Mellon managing RLUSD custody through segregated accounts, while Ripple has also filed for a U.S. national banking license and Federal Reserve master account, leveraging BNY Mellon's financial experience.

Emily Portney, Global Head of Asset Servicing at BNY Mellon, expressed enthusiasm about supporting RLUSD's growth and adoption. She noted that BNY Mellon's role as the primary custodian will facilitate the seamless movement of reserve assets and cash to support conversions, further propelling the future of the financial system.

This partnership is expected to enhance operational oversight and trust within the crypto market, potentially leading to regulatory and market shifts. Ripple's previous moves, such as applying for a national banking license, suggest a focus on expanding institutional and regulatory networks. The collaboration with BNY Mellon aligns with Ripple's aim to comply with regulatory standards and increase RLUSD adoption.

Ripple's strategic expansion includes its recent developments in the Middle East, particularly in the United Arab Emirates. The company has formed an alliance with Ctrl Alt, a tokenization platform, to support the Dubai Land Department’s Real Estate Tokenization Project. This initiative involves tokenizing property title deeds on a public blockchain, highlighting the region's commitment to innovation and its position in the global digital asset industry.

Ctrl Alt, which recently acquired a Virtual Assets Service Provider (VASP) license, will use Ripple's custody technology to support the tokenization of real-world assets. This collaboration is expected to enhance the efficiency of real estate transactions, enable fractional ownership, and expand investor participation, further solidifying Ripple's presence in the UAE.

Ripple's strategic moves, including its partnership with BNY Mellon and its expansion into the UAE, demonstrate the company's dedication to bridging the gap between traditional finance and digital assets. By aligning with established financial institutions and regulatory bodies, Ripple is positioning itself as a leader in the digital asset space, paving the way for broader adoption and integration of blockchain technology in the financial sector.