XRP News Today: Ripple Partners With BNY Mellon For RLUSD Reserve Custody

Ripple, a leading provider of digital asset infrastructure for financial institutions, has formed a strategic partnership with The Bank of New York Mellon Corporation (BNY) to serve as the primary custodian for Ripple USD (RLUSD) reserves. This collaboration highlights Ripple's commitment to regulatory compliance and its proactive approach to integrating digital assets into the traditional financial ecosystem. The partnership aims to facilitate the seamless movement of reserve assets and cash, supporting conversions and enhancing the overall efficiency of cross-border payments.

RLUSD, a stablecoin designed for enterprise-grade financial use cases, is issued under a New York Department of Financial Services (NYDFS) Trust Company Charter. Unlike other stablecoins primarily geared toward retail users, RLUSD is purpose-built for enterprise utility, focusing on improving the speed, cost, and efficiency of cross-border transactions. BNY's role as the primary reserve custodian leverages its deep technology stack and expertise, enabling the digital assets ecosystem and providing leading transaction banking services to underpin RLUSD’s operations.

The collaboration between Ripple and BNY underscores their shared commitment to building a robust financial infrastructure for the future. Jack McDonald, SVP of Stablecoins at Ripple, emphasized that RLUSD addresses a critical gap in the market by meeting the rigorous standards of leading financial institutions. He highlighted BNY's demonstrable custody expertise and strong commitment to financial innovation, making it an ideal partner for Ripple and RLUSD. Emily Portney, Global Head of Asset Servicing at BNY, echoed this sentiment, stating that BNY is thrilled to support the growth and adoption of RLUSD by facilitating the seamless movement of reserve assets and cash.

This partnership is not just about safeguarding RLUSD reserves; it is about bridging the gap between traditional finance and the crypto ecosystem. BNY's proven track record in providing end-to-end services across stablecoin infrastructure further solidifies its role in this rapidly changing landscape. The collaboration aims to foster future interoperability between stablecoins and traditional assets, paving the way for institutional digital asset adoption.

Ripple's solutions leverage the XRP Ledger and its native digital asset, XRP, which is designed to enable fast, low-cost, and highly scalable transactions. With a proven track record of working with regulators and policymakers, Ripple's payments, custody, and stablecoin solutions are pioneering the digital asset economy, building credibility and trust in enterprise blockchain. Together with customers, partners, and the developer community, Ripple is transforming the way the world tokenizes, stores, exchanges, and moves value.

BNY, a global financial services company, has been managing, moving, and keeping money safe for over 240 years. It partners with clients to help them achieve their ambitions, supporting governments, pension plans, and financial institutions worldwide. This partnership with Ripple further enhances BNY's commitment to delivering differentiated, end-to-end solutions designed to meet the needs of institutions across the entire digital assets ecosystem.