Ripple Appoints BNY Mellon as Custodian for RLUSD Stablecoin Reserves

Ripple has announced that BNY Mellon will serve as the primary custodian for the reserves backing its enterprise-grade stablecoin, Ripple USD (RLUSD). This partnership aims to bridge traditional finance with the digital asset ecosystem.

Under the agreement, BNY Mellon will hold the US dollar reserves for RLUSD and provide transaction banking services essential for its operational infrastructure. RLUSD, issued under a New York Department of Financial Services Trust Company Charter, is designed with a focus on compliance, transparency, and institutional utility, with the goal of enhancing the speed and cost-efficiency of cross-border payments.

Jack McDonald, SVP of Stablecoins at Ripple, stated that RLUSD addresses "a critical gap in the market" by offering a stablecoin tailored to the rigorous standards of global financial institutions. He further noted 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, affirmed the bank's commitment to enabling interoperability between stablecoins and traditional assets, stating that supporting RLUSD advances BNY Mellon's role as a financial platforms company. This collaboration underscores Ripple's strategy to expand its stablecoin presence in the enterprise payments sector, at a time when regulated and transparent stablecoins are gaining traction for international settlement.