Ripple has announced the selection of The Bank of New York Mellon Corporation (BNY), a global financial services company, to serve as the primary custodian for its newly launched Ripple USD (RLUSD) stablecoin reserves. This collaboration aims to advance institutional adoption of digital assets by bridging traditional finance and crypto ecosystems.
RLUSD is designed as an enterprise-grade stablecoin, focusing on regulatory compliance, utility, and transparency. Issued under a New York Department of Financial Services (NYDFS) Trust Company Charter, RLUSD is developed for enterprise use cases, particularly to enhance the speed, cost, and efficiency of cross-border payments, differentiating it from stablecoins primarily for retail users.
BNY will leverage its technology and digital asset expertise to act as the primary reserve custodian for RLUSD. Additionally, BNY will provide transaction banking services to support RLUSD’s operations and deliver integrated solutions, building on its experience in stablecoin infrastructure and efforts toward interoperability between stablecoins and traditional assets.
“Ripple USD addresses a critical gap in the market as a stablecoin developed for enterprise-grade financial use cases, designed to meet the rigorous standards of leading financial institutions,” stated Jack McDonald, SVP of Stablecoins at Ripple. “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, making it the ideal partner for Ripple and RLUSD.”
Emily Portney, Global Head of Asset Servicing at BNY, commented, “As a leading financial platforms company, BNY is committed to delivering differentiated, end-to-end solutions, designed to meet the needs of institutions across the entire digital assets ecosystem. As primary custodian, we are supporting the growth and adoption of RLUSD by facilitating the seamless movement of reserve assets and cash to support conversions and are working closely with Ripple to continue propelling the future of the financial system.”
Ripple develops digital asset infrastructure for financial institutions, providing software that aims to enhance efficiency, reduce friction, and foster innovation in global finance. Its solutions utilize the XRP Ledger and its native digital asset, XRP, designed for fast, low-cost, and scalable transactions. Ripple’s offerings include payments, custody, and stablecoin solutions for the digital asset economy.
BNY Mellon (NYSE: BK) is a global financial services company offering services in managing, moving, and securing assets. With over 240 years of operation, BNY supports a significant portion of Fortune 100 companies, top 100 banks globally, and top 100 pension plans. As of March 31, 2025, BNY reported $53.1 trillion in assets under custody and/or administration and $2.0 trillion in assets under management.
