Ripple Labs has partnered with BNY Mellon to manage RLUSD reserves, aiming for trust and wider adoption as stablecoin interest grows
Blockchain payments firm Ripple Labs XRP $2.39 24h volatility: 3.4% Market cap: $141.40 B Vol. 24h: $3.70 B has selected BNY Mellon to manage the reserves backing its stablecoin, RLUSD.
This move is expected to help Ripple meet regulatory standards and attract more confidence from big companies and institutions.
BNY Mellon to Safeguard RLUSD Reserves
According to a CNBC report, BNY Mellon, one of the oldest banks in the United States, will now serve as the main custodian for Ripple’s RLUSD stablecoin. This means the bank will be responsible for maintaining the U.S. dollar reserves that support the value of RLUSD.
With the update, Ripple stated that this partnership will enable it to adhere more closely to existing regulations. It also demonstrates that the company is committed to doing business with large financial institutions.
With more companies and lawmakers showing interest in stablecoins, Ripple’s move comes at a time when the market is reopening.
For example, the U.S. Federal Reserve Chair Jerome Powell backed stablecoin regulation. More importantly, U.S. President Donald Trump recently called for the swift passage of the GENIUS Stablecoin Act, following its approval in the Senate with a 68–30 vote.
Notably, BNY Mellon is recognized for its expertise in working with institutional clients and managing substantial amounts of money. Its digital asset arm started in 2021, but this deal with Ripple signals a deeper involvement in the stablecoin market.
Emily Portney, who leads BNY’s asset servicing unit, said the bank is ready to help Ripple with the smooth handling of cash and assets tied to RLUSD.
Stablecoins like RLUSD are built to maintain a stable value, pegged to the US dollar. They enable fast, efficient money transfers on blockchain networks. Ripple launched RLUSD in December 2024 and is now expanding its reach.
Ripple Seeks Bigger Role for RLUSD in Payments and Banking
Beyond the BNY Mellon deal, Ripple has applied for a US banking License. The payments firm is seeking a national bank charter from the OCC and a Federal Reserve Master Account.
If approved, these steps would enable the company to hold reserves directly with the central bank and integrate into its payment systems.
Ripple has been around for 13 years and primarily assists banks and financial institutions in sending money across borders. While its associated XRP token has made headlines in the past, Ripple is now promoting RLUSD as a stablecoin designed for serious business use.
Major companies like Amazon, Walmart, and Apple are reportedly exploring stablecoins. This trend, now referred to as “stablecoin summer,” has gained momentum as U.S. policies surrounding crypto begin to shift again.
By teaming up with BNY Mellon, Ripple is demonstrating its commitment to making RLUSD appear secure, reliable, and ready for broader adoption.
Meanwhile, Ripple has increased the supply of its regulated stablecoin RLUSD, minting 16 million tokens with the asset now passed $500 million in market capitalization.
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