Ripple has announced that Bank of New York Mellon (BNY Mellon) will serve as the primary custodian for the reserves backing Ripple USD (RLUSD)—its US dollar-pegged stablecoin developed for institutional use.
Issued under the regulatory oversight of the New York Department of Financial Services Trust Company Charter, RLUSD is designed to meet the stringent standards of enterprise-level financial applications, with a particular focus on enhancing the speed, cost-efficiency, and reliability of cross-border payments.
By leveraging BNY Mellon’s institutional-grade custody and transaction banking services, Ripple aims to bridge the gap between traditional finance and digital assets, ensuring scalability, compliance, and operational robustness. The partnership is also a strategic step toward building credibility and infrastructure for broader institutional adoption.
Jack McDonald, SVP of Stablecoins at Ripple, emphasized, “Ripple USD addresses a critical gap in the market as a stablecoin developed for enterprise-grade financial use cases. BNY Mellon’s proven expertise and forward-thinking approach to digital asset infrastructure make them the ideal partner.”
The move reinforces Ripple’s ongoing commitment to regulatory clarity, institutional-grade standards, and the convergence of traditional and crypto finance.
