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Ripple Taps BNY to Custody Stablecoin Reserves as RLUSD Surpasses $500M
The move follows Ripple's application for a national banking license and a Federal Reserve master account to further integrate with the U.S. financial system.
Updated Jul 9, 2025, 4:40 p.m. Published Jul 9, 2025, 11:00 a.m.
What to know:
- Ripple said it has appointed The Bank of New York Mellon as the primary custodian for its U.S. dollar stablecoin, Ripple USD (RLUSD).
- RLUSD is backed by U.S. Treasuries, money market funds, and cash and is regulated by the New York Department of Financial Services. The token grew 30% in a month to top $500 million in market capitalization.
- Stablecoins are having a breakthrough moment in the broader financial world as U.S. legislation to regulate the asset class advances.
Ripple, the payments-focused digital asset firm, on Wednesday, named banking giant The Bank of New York Mellon as the primary custodian of reserve assets backing its U.S. dollar stablecoin .
BNY, one of the oldest and largest custody banks in the world overseeing $53 trillion of assets, will safeguard the stablecoin’s reserves and support the token's operations with transaction banking services, including conversions during minting and redemption, according to a press release shared with CoinDesk.
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RLUSD, launched in December and regulated by the New York Department of Financial Services (NYDFS), is backed by short-term U.S. Treasuries, money market funds and cash.
"BNY brings together demonstrable custody expertise and a strong commitment to financial innovation in this rapidly changing landscape, as well as a forward-thinking approach to digital asset infrastructure," Jack McDonald, SVP of stablecoins at Ripple, said in a statement.
The move comes as stablecoins are enjoying a breakthrough moment in the broader financial world, with the U.S. advancing to regulate the sector.
Ripple recently applied for a national banking license with the U.S. Office of the Comptroller of the Currency. The company also filed for a Federal Reserve master account, which would allow it to custody RLUSD reserves directly with the central bank and further integrate with the U.S. financial system.
RLUSD saw rising demand as well. The token's market capitalization has surpassed $500 million, growing over 30% through the past month, CoinGecko data shows.
Read more: Ripple Applies for Federal Bank Trust Charter, XRP Jumps 3%
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