Ripple, a company known for its solutions in digital assets, has announced a significant partnership with Bank of New York Mellon (BNY), which will serve as the primary custodian of the Ripple USD (RLUSD) stablecoin reserves.
Appointment of Bank of New York Mellon
According to a recent release, BNY will be the major custodian of RLUSD reserves. Additionally, Ripple will utilize BNY's transaction banking services to support its operations and client solutions.
> Ripple has selected @BNYglobal as the primary reserves custodian for $RLUSD – an enterprise-grade stablecoin built for real-world utility, supported by one of the largest and most trusted financial services companies in the world. > — Ripple (@Ripple) July 9, 2025.
Increase in RLUSD Minting
Since the beginning of July, 46 million RLUSD have been minted, with 16 million minted in just the last 24 hours. This indicates a sharp increase in demand for the stablecoin.
According to the Ripple stablecoin tracker, 16,000,000 RLUSD were minted in the last 24 hours. Significant minting activities were also recorded on July 2 and 3, with 14,000,000 and 16,000,000 RLUSD minted, respectively. This increase in minting activity suggests growing confidence in Ripple's stablecoin, which has surpassed the $500 million mark.
RLUSD's Role in the Financial Ecosystem
RLUSD, one of the few global stablecoins issued under a New York Department of Financial Services (NYDFS) Trust Company Charter, launched in December 2024. Unlike stablecoins designed primarily for retail consumers, RLUSD was created with enterprise utility in mind to improve the speed, cost, and efficiency of cross-border payments.
Ripple's application for a national banking charter in the United States may boost RLUSD's utility within the larger financial ecosystem.
Ripple's announcement of collaboration with Bank of New York Mellon and the increase in RLUSD minting reflect the growing interest in digital assets and their potential integration into traditional finance.
