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Ripple has announced it has appointed BNY Mellon as the primary custodian of reserves backing its enterprise-grade stablecoin, Ripple USD (RLUSD), marking a significant milestone in bridging traditional finance with the digital asset ecosystem.
Ripple partners with BNY Mellon
Under the agreement, BNY Mellon will hold RLUSD’s US dollar reserves and provide transaction banking services to support its operational infrastructure.
RLUSD is issued under a New York Department of Financial Services Trust Company Charter and is positioned distinctively from retail-focused stablecoins.
Ripple has designed RLUSD with compliance, transparency, and institutional utility at its core, aiming to enhance the speed and cost-efficiency of cross-border payments – an area in which Ripple has sought to build a dominant presence.
Jack McDonald, SVP of Stablecoins at Ripple, described RLUSD as addressing “a critical gap in the market” by offering a stablecoin tailored to meet the rigorous standards of global financial institutions.
He emphasised that BNY Mellon’s expertise in custody and its forward-looking approach to digital asset infrastructure made it “the ideal partner”.
Emily Portney, Global Head of Asset Servicing at BNY Mellon, said the bank is committed to enabling interoperability between stablecoins and traditional assets.
She noted that supporting RLUSD furthers BNY Mellon’s role as a leading financial platforms company capable of delivering integrated solutions across digital and traditional finance.
The partnership reflects the broader institutional embrace of digital asset technologies, with BNY Mellon leveraging its established technology stack to facilitate the seamless movement of RLUSD reserve assets.
It also underscores Ripple’s strategy to expand its stablecoin footprint into the enterprise payments sector, at a time when regulated, transparent stablecoins are gaining traction as viable instruments for international settlement.
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