Ripple announced that it has chosen Bank of New York Mellon (BNY) as the custodian for RLUSD reserves, after RLUSD's size exceeded $500 million. [Foresight News]

BNY Mellon will serve as the primary custodian for Ripple Labs' RLUSD, a stablecoin designed for enterprise utility. With a market capitalization of $500 million, RLUSD is smaller than USDT and USDC, but the partnership reflects a positive shift in the industry.

RLUSD

Ripple Picks BNY Mellon as Stablecoin Custodian for $500M RLUSD

On July 9 (UTC+8), Ripple announced that it has selected Bank of New York Mellon to custody the U.S. dollar cash and U.S. Treasury reserves of its stablecoin RLUSD, with the circulating supply of RLUSD exceeding $500 million. The move is aimed at ensuring that RLUSD holders can redeem U.S. dollars at a 1:1 ratio, with the redemption mechanism following the same regulatory standards as traditional money market funds. Bank of New York Mellon established a dedicated digital asset division in 2021 and officially opened its services to institutional-grade crypto clients in 2022. (Source: Odaily) [MetaEra]

Bank of New York Mellon to Provide USD Reserve Custody Services for Ripple's Stablecoin RLUSD

Ripple has announced that it has selected Bank of New York Mellon to custody the U.S. dollar cash and U.S. Treasury reserves for its stablecoin RLUSD, which has exceeded $500 million in circulation. The move aims to ensure that RLUSD holders can redeem U.S. dollars at a 1:1 ratio, with the redemption mechanism following the same regulatory standards as traditional money market funds. Bank of New York Mellon established a dedicated digital asset unit in 2021 and officially opened its services to institutional-grade crypto clients in 2022. (The Block) [Odaily Planet Daily]

On July 9th, according to The Block, Ripple announced on Wednesday that it has selected BNY Mellon to custody the U.S. dollar cash and U.S. Treasury bond reserves for its stablecoin RLUSD, with RLUSD's circulation surpassing $500 million. As one of the largest custodian banks in the United States with assets under management of approximately $52 trillion, BNY Mellon will securely custody the reserve assets for RLUSD and assist in liquidity management. This move aims to ensure RLUSD holders can redeem dollars on a 1:1 basis, with the redemption mechanism following regulatory standards similar to traditional money market funds. BNY Mellon established a dedicated digital asset unit in 2021 and officially began offering services to institutional-grade crypto clients in 2022. [BlockBeats]

New York Mellon Bank will provide dollar reserve custody services for Ripple's stablecoin RLUSD.

On July 9, according to The Block, Ripple announced on Wednesday that it has selected Bank of New York Mellon to custody the U.S. dollar cash and U.S. Treasury reserves of its stablecoin RLUSD, with RLUSD circulation exceeding $500 million. As one of the largest custodian banks in the United States, Bank of New York Mellon, with approximately $52 trillion in assets under management, will provide secure custody for RLUSD's reserve assets and assist with liquidity management. The move aims to ensure that RLUSD holders can redeem U.S. dollars at a 1:1 ratio, with the redemption mechanism following the same regulatory standards as traditional money market funds. Bank of New York Mellon established a dedicated digital asset division in 2021 and officially opened its services to institutional-grade crypto clients in 2022. [BlockBeats]

Bank of New York Mellon to Provide USD Reserve Custody Services for Ripple's RLUSD Stablecoin

On July 9, according to The Block, Ripple announced on Wednesday that it has selected Bank of New York Mellon to custody the U.S. dollar cash and U.S. Treasury reserves of its stablecoin RLUSD, with RLUSD's circulating supply exceeding $500 million. As one of the largest custodian banks in the United States, Bank of New York Mellon, with approximately $52 trillion in assets under management, will provide secure custody for RLUSD's reserve assets and assist with liquidity management. The move aims to ensure that RLUSD holders can redeem U.S. dollars at a 1:1 ratio, with the redemption mechanism following the same regulatory standards as traditional money market funds. Bank of New York Mellon established a dedicated digital asset division in 2021 and officially opened its services to institutional-grade crypto clients in 2022. [BlockBeats]

Ripple has selected the Bank of New York Mellon to hold U.S. dollar cash and Treasury bills backing its RLUSD stablecoin, providing the seven-month-old token with a blue-chip banking partner as it scales past $500 million in circulation, according to a Wednesday announcement.

BNY, one of America’s largest custody banks with about $52 trillion in assets under administration, will provide safekeeping and aid liquidity management for the reserves that collateralize every RLUSD in circulation. The move aims to ensure holders can redeem the token 1-for-1 for dollars under the same controls that govern traditional money-market funds. RLUSD's custody at BNY is possible after the bank opened its doors to institutional crypto clients in 2022, after debuting its dedicated digital assets unit in 2021.

Ripple launched RLUSD, its dollar-backed stablecoin, in late December 2024 on both XRP Ledger and Ethereum. The coin topped half a billion dollars in circulation this week as the $260 billion stablecoin has attracted regulatory support and institutional adoption. Lawmakers are advancing bipartisan legislation that would set federal standards for reserve backing and disclosures—requirements that Ripple says RLUSD will meet. Multinationals like Amazon and Walmart, as well as major banks, have reportedly considered entering the booming stablecoin ecosystem.

Meanwhile, Ripple has applied to the Office of the Comptroller of the Currency for a national trust-bank charter, a license that would let it issue RLUSD under federal banking rules and hold customer deposits directly.

BNY Mellon to custody dollar reserves for Ripple’s RLUSD stablecoin

According to market sources, Ripple has chosen Bank of New York Mellon as the custodian for its XRP U.S. dollar reserves. [Odaily Planet Daily]

MAG7.SSI

Market news: Ripple selects Bank of New York Mellon as custodian for XRP U.S. dollar reserves

On July 9, according to Jinshi Data, market news: Ripple has chosen Bank of New York Mellon as the custodian for Ripple's USD reserves. [Deep Tide TechFlow]

Market news: Ripple selects Bank of New York Mellon as the custodian for XRP's USD reserves

Ripple Selects Bank of New York Mellon as RLUSD Reserve Custodian

As Ripple (XRP) continues to take innovative steps, news of a new partnership has arrived. At this point, the latest partnership came from BNY Mellon, the oldest bank in the USA, and Ripple. In an official statement, Ripple announced today that it has selected The Bank of New York Mellon Corporation, a global financial services company, as the primary custodian of Ripple USD (RLUSD) reserves. Under this partnership, BNY will serve as the primary reserve custodian of RLUSD. Additionally, BNY will provide leading transaction banking services to support RLUSD's operations and deliver integrated solutions. Ripple launched its dollar-backed stablecoin RLUSD on both the XRP Ledger and Ethereum in late December 2024. RLUSD surpassed half a billion dollars in circulation this week as it gained regulatory support and institutional acceptance. “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. “BNY combines its provable custody expertise and strong commitment to financial innovation with a forward-thinking approach to digital asset infrastructure in this rapidly changing environment, making it an ideal partner for Ripple and RLUSD.” “As the primary custodian, we are excited to support the growth and adoption of RLUSD by facilitating the seamless movement of reserve assets and cash to support conversions, and we are proud to work closely with Ripple to advance the future of the financial system,” said Emily Portney, Head of Global Asset Services at BNY. *This is not investment advice.

Attention XRP Investors! Ripple Forms Reserve Partnership with America's Oldest Bank! Here Are the Details…

Ripple's partnership with BNY Mellon could accelerate institutional crypto adoption, enhancing trust and bridging traditional finance with digital assets.

The post Ripple taps BNY to secure RLUSD stablecoin with institutional-grade custody appeared first on Crypto Briefing.

Ripple taps BNY to secure RLUSD stablecoin with institutional-grade custody

Ripple宣布，鉴于RLUSD规模已超过5亿美金，已选择Bank of New York Mellon（BNY）作为RLUSD储备的托管方。[Foresight News]

Ripple选择纽约梅隆银行作为RLUSD储备托管人

Ripple宣佈，鑑於RLUSD規模已超過5億美金，已選擇Bank of New York Mellon（BNY）作爲RLUSD儲備的託管方。[Foresight News]