- Ripple partners with BNY Mellon to custody RLUSD reserves, aiming to enhance regulatory compliance and institutional trust.
- The move comes amid a surge of corporate and institutional interest in stablecoins, dubbed “stablecoin summer.”
- Ripple has also applied for a US banking charter and Federal Reserve master account to deepen its role in the US financial system.
Ripple has appointed the Bank of New York Mellon (BNY Mellon) as the primary custodian for reserves backing its US dollar-pegged stablecoin, RLUSD.
The partnership, announced Wednesday, aims to strengthen regulatory compliance and institutional credibility for Ripple and its stablecoin product.
BNY Mellon, the oldest bank in the United States and a major provider of financial services to institutional clients, will facilitate the movement of reserve assets and cash to support RLUSD conversions.
The arrangement marks a significant development in Ripple’s stablecoin strategy, which launched in December 2024.
“As primary custodian, we are thrilled to support the growth and adoption of RLUSD,” said Emily Portney, global head of asset servicing at BNY. “We are proud to be working closely with Ripple to continue propelling the future of the financial system.”
Institutional interest signals “Stablecoin Summer”
The collaboration between Ripple and BNY Mellon reflects a broader trend of traditional financial institutions entering the stablecoin space.
This wave of engagement, dubbed “stablecoin summer” by CNBC, is gaining momentum amid shifting regulatory dynamics in the US.
The Trump administration is rolling back restrictive crypto policies from the Biden era, while the Senate recently passed the GENIUS Act to set guardrails for US dollar-pegged stablecoins.
This regulatory clarity is attracting major corporate players. Amazon and Walmart are said to be exploring stablecoin initiatives, while companies such as Uber, Apple, and Airbnb are also reportedly assessing similar possibilities.
Stablecoins, which are digital tokens pegged to assets like the US dollar, aim to combine the speed and efficiency of blockchain networks with the price stability of fiat currencies.
Their growing appeal among institutions underscores their perceived utility in modernizing financial infrastructure.
Ripple Eyes US banking charter, federal reserve access
In addition to securing BNY Mellon as a custodian, Ripple recently applied for a US national banking charter and a Federal Reserve master account.
If approved, this would enable Ripple to hold RLUSD reserves directly with the central bank and integrate more deeply into the US payments system.
Ripple, founded 13 years ago, is best known for its cross-border payments platform serving banks, payment providers, and other financial institutions.
While its operations are largely international, the RLUSD launch represents a strategic move to expand its US footprint.
BNY Mellon’s involvement in crypto dates back to 2021, when it established a digital assets unit focused on servicing bitcoin and other cryptocurrencies.
The bank’s custodial partnership with Ripple is its latest step in supporting the broader digital assets ecosystem.
