Ripple has announced a partnership with BNY Mellon to manage the reserves of its RLUSD stablecoin. This collaboration aims to strengthen trust in the token amid its market growth.
Partnership with BNY Mellon
BNY Mellon, the oldest bank in the U.S., will safeguard cash and Treasury bill reserves backing RLUSD. The bank, managing approximately $52 trillion in assets, will ensure liquidity and guarantee that every RLUSD in circulation is backed 1:1 with dollar-denominated assets, under rules similar to those governing money market funds.
Growth and Significance of RLUSD
Since its launch in December 2024, RLUSD has gained traction and now holds a notable position in the $260 billion stablecoin market. Recent momentum has been driven by regulatory clarity in Washington and increased institutional demand.
Integration with Transak
Crypto payments platform Transak has integrated RLUSD across its global network, allowing users in 64 countries to instantly purchase the token using Apple Pay, Visa, and other payment methods. "We worked closely with Ripple to bring RLUSD to our ecosystem," said Harshit Gangwar, head of marketing at Transak.
Ripple's alliance with BNY Mellon and the integration of RLUSD with Transak highlight the company's commitment to enhancing user trust in its stablecoin and expanding its viability in the market.
