Ripple continues to advance by establishing a partnership with BNY Mellon, the oldest bank in the USA, to manage the reserves of its stablecoin RLUSD.
Ripple and BNY Mellon Partnership
In an official statement, Ripple announced that it has selected The Bank of New York Mellon Corporation as the primary custodian of Ripple USD (RLUSD) reserves. Under this partnership, BNY Mellon will not only safeguard reserve assets but also provide banking services to support RLUSD's operations.
RLUSD as a New Stablecoin
Ripple launched its dollar-backed stablecoin RLUSD on the XRP Ledger and Ethereum in December 2024. This week, RLUSD's circulation exceeded half a billion dollars as it gained regulatory support and institutional recognition.
Opinions from Company Leadership
“Ripple USD fills a critical gap in the market as a stablecoin built for institutional-grade financial use cases and designed to meet the rigorous standards of leading financial institutions,” said Jack McDonald, Ripple’s Senior Vice President of Stablecoins. Emily Portney, Head of Global Asset Services at BNY, also noted: “We are proud to work closely with Ripple to advance the future of the financial system.”
The partnership between Ripple and BNY Mellon emphasizes RLUSD's growing significance as a stablecoin and promises favorable conditions for its continued development in the market.
