- Ripple selects BNY Mellon for RLUSD custody.
- Ripple eyes traditional finance integration.
- Enhanced operational trust with BNY Mellon partnership.
Ripple has announced its partnership with BNY Mellon to act as the primary custodian for its RLUSD stablecoin, effective from July 9, 2025.
Ripple’s collaboration with BNY Mellon, the U.S.’s oldest bank, signals a strengthened bridge between traditional finance and the digital currency ecosystem. The move emphasizes institutional trust and further integrates Ripple’s stablecoin into the financial systems.
Jack McDonald, Senior Vice President of Stablecoins, Ripple, stated, “BNY Mellon’s demonstrable custody expertise and strong commitment to financial innovation were decisive factors in the partnership.”
The partnership involves Ripple and BNY Mellon, with BNY Mellon handling RLUSD custody through segregated accounts. Ripple also filed for a U.S. national banking license and Federal Reserve master account, leveraging BNY Mellon’s established financial experience.
Key impacts include heightened operational oversight and trust within the crypto market. BNY Mellon’s involvement enhances RLUSD adoption and aligns with Ripple’s aim to comply with regulatory standards. Emily Portney, Global Head of Asset Servicing at BNY Mellon, commented, “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. We are proud to be working closely with Ripple to continue propelling the future of the financial system.”
Potential regulatory and market shifts might follow this collaboration, with historical data suggesting increased institutional interest. Ripple’s previous moves, including its national banking license application, might indicate future growth in institutional and regulatory networks.
