Ripple has announced a partnership with BNY Mellon, effective July 9, 2025, to serve as the custodian for its stablecoin RLUSD.
Key Aspects of the Partnership
BNY Mellon, the oldest bank in the U.S., will act as the primary custodian for RLUSD, utilizing segregated accounts. This collaboration is also associated with Ripple’s application for a U.S. national banking license and a Federal Reserve master account.
Significance for Traditional Finance
The partnership between Ripple and BNY Mellon signifies a strengthened bridge between traditional finance and the digital currency ecosystem. It emphasizes institutional trust and further integrates Ripple’s stablecoin into financial systems. "BNY Mellon’s demonstrable custody expertise and strong commitment to financial innovation were decisive factors in the partnership," stated Jack McDonald, Senior Vice President of Stablecoins at Ripple.
Future Prospects and Potential Changes
This partnership will lead to increased operational oversight and trust within the crypto market. BNY Mellon’s involvement will enhance RLUSD adoption and align with Ripple's aim to comply with regulatory standards. Emily Portney, Global Head of Asset Servicing at BNY Mellon, commented, "As primary custodian, we are thrilled to support the growth and adoption of RLUSD by facilitating the seamless movement of reserve assets and cash to support conversions."
The partnership between Ripple and BNY Mellon opens new prospects for integration of traditional finance and cryptocurrency, which may impact the future of the crypto market.
