XRP: Ripple Taps BNY Mellon to Safeguard RLUSD Reserves

XRP continues to press forward in institutional finance, with Ripple appointing BNY Mellon as the official custodian for its Ripple USD (RLUSD) reserves. This strategic step signals a vital expansion in Ripple’s efforts to solidify RLUSD’s presence across global enterprise-use cases.

The collaboration was officially announced on July 9, bringing one of Wall Street’s most enduring names into Ripple’s growing stablecoin initiative. BNY Mellon, renowned for its trustworthiness and experience in digital asset management, will be tasked with overseeing the cash-backed reserves that underpin RLUSD, aiming to ensure fiscal stability and institutional-grade transparency.

Jack McDonald, Ripple’s Senior Vice President of Stablecoins, emphasized the significance of the partnership. He described RLUSD as a much-needed product designed specifically to meet enterprise-level payment needs, and affirmed BNY Mellon’s reputation for financial innovation as a driving factor behind the decision. Calling the bank a “forward-thinking partner,” McDonald noted that this collaboration blends the robustness of traditional finance with the efficiency of blockchain systems.

Echoing Ripple’s vision, Emily Portney, Global Head of Asset Servicing at BNY Mellon, highlighted the importance of meeting the evolving requirements of institutions in today’s digital assets ecosystem. She emphasized that the bank’s role will extend beyond safekeeping, offering integrated services capable of supporting fast-moving enterprise-grade operations.

This development builds upon Ripple’s recent pact with AMINA Bank in Switzerland (Ripple’s Swiss banking deal), which enabled custody and trading of RLUSD in European-regulated environments. That move strengthened RLUSD’s relevance among both institutional and private entities, pushing further into compliant crypto finance.

Currently, RLUSD supply has crossed a milestone, surpassing $500 million in circulation. Of that, roughly $435 million resides on the Ethereum blockchain, while another $65 million is held on the XRP Ledger, according to CryptoSlate data. This rapid growth in under a year underscores RLUSD’s increasing adoption in settings that demand regulatory clarity and strong liquidity.

What sets RLUSD apart from many other stablecoins is its exclusive focus on businesses. It’s not aimed at retail users but is built to serve enterprise-level cross-border transactions. With capabilities such as settlement efficiency, cost reduction, and robust infrastructure, RLUSD is designed to elevate the speed and security of international payments.

This growing traction comes on the heels of regulatory blessings from key jurisdictions. The New York Department of Financial Services approved RLUSD in December 2024 (NYDFS greenlight), while the token also received clearance for use from the Dubai Financial Services Authority earlier this year (Dubai approval).

Ripple’s strengthened ecosystem for RLUSD now spans multiple continents and partners, including legacy banking institutions as well as crypto-native infrastructure. RLUSD’s segregated reserve accounts—made up of cash and cash equivalents—further align it with compliance standards expected by institutional clients and regulators alike.

With BNY Mellon’s stewardship offering reinforced credibility and operational reliability, and Ripple’s enterprise vision steering product development, RLUSD is poised to play a more pivotal role in global finance going forward. Whether facilitating seamless treasury operations or performing as a trusted stablecoin in high-value corridors, this evolution indicates XRP’s continuous relevance in practical blockchain implementations.

Related: XRP Price: $12M Max Pain for Bears

More information about RLUSD can be found directly via Ripple USD, and the broader initiative is available through Ripple.