- Ripple has chosen Bank of New York Mellon (BNY Mellon) as the primary custodian for its RLUSD stablecoin.
- RLUSD reached a market capitalization of $500 million for the first time, according to CoinGecko.
- BNY Mellon oversees $53.1 trillion in assets under custody and administration.
- The partnership aims to provide operational connectivity, trusted custody, and support for RLUSD’s role in international payments.
- Ripple’s trust subsidiary and its related regulatory filings continue to expand the company’s reach in finance.
Ripple has appointed Bank of New York Mellon (BNY Mellon) to serve as the primary custodian for its RLUSD stablecoin. This decision follows RLUSD surpassing $500 million in market capitalization, according to CoinGecko. BNY Mellon is recognized as the world’s largest custodian bank, holding $53.1 trillion in assets under custody and administration.
In an official statement, Emily Portney, Global Head of Asset Servicing at BNY Mellon, said, “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 and are proud to be working closely with Ripple to continue propelling the future of the financial system.”
Despite Ripple being able to manage its own assets through Standard Custody and Trust, its New York-regulated trust company, the new agreement with BNY Mellon provides extra advantages. Portney noted the importance of operational connectivity, saying this role would enable “seamless movement of reserve assets and cash.” This includes supporting purchases of Treasury bills and enabling participation in reverse repurchase agreements, which are common financial tools for large institutions. BNY Mellon also manages intraday transactions and connects Ripple with payment systems.
The review mentions that an independent custodian like BNY Mellon builds additional trust for RLUSD’s backing, even though Ripple already safeguards assets effectively. The partnership is intended to improve RLUSD’s standing among enterprise stablecoins, especially for cross-border payments and business customers. BNY Mellon has experience working with stablecoin issuers, including custody for Circle’s cash and the BlackRock-managed Circle Reserve Fund.
Meanwhile, Standard Custody and Trust recently applied for a Federal Reserve master account, seeking to expand its financial connectivity. Ripple is also pursuing a national bank charter in the U.S., a move that would further integrate its services with traditional banking infrastructure.
For more details about Ripple or RLUSD, visit the official Ripple website.
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