Ripple has announced the appointment of BNY Mellon, the oldest bank in the U.S., as the primary custodian for its stablecoin Ripple USD (RLUSD), indicating increased trust in this asset.
A Major Win for Ripple’s Regulatory Push
This partnership strengthens Ripple’s position in the eyes of regulators and institutional investors. BNY Mellon is known for working with large corporations and government entities. Both parties stated that the partnership aims to improve regulatory compliance and boost confidence in RLUSD.
RLUSD Crosses $500 Million in Just 7 Months
Launched in December 2024, RLUSD has already crossed a $500 million market cap, showing rapid growth in this fast-moving space. The stablecoin is fully backed 1:1 by cash and U.S. Treasuries, providing the security that institutions expect.
Ripple Eyes U.S. Banking Access
Ripple is also aiming to delve deeper into traditional financial services. The company has applied for a national U.S. banking charter and a Federal Reserve master account, allowing it to hold reserves directly with the central bank.
With a major Wall Street partner onboard and momentum building, Ripple is positioning RLUSD as a serious contender in the stablecoin market.
