Ripple taps BNY Mellon, $50 trillion asset manager for RLUSD reserves custody
The post Ripple taps BNY Mellon, $50 trillion asset manager for RLUSD reserves custody appeared on BitcoinEthereumNews.com.
Ripple has selected The Bank of New York Mellon (BNY Mellon) as the primary custodian for the reserves backing its Ripple USD (RLUSD) stablecoin. BNY Mellon is the oldest bank in the United States, with $50 trillion in assets under custody According to a company press release published at the start of July, the stablecoin issuer is trying to deepen regulatory ties and institutional trust in its stablecoin product, which launched in December 2024. Washington is speeding up the passage of pro-crypto laws in the so-called “stablecoin summer.” The Trump administration has been loosening crypto regulations introduced under the Biden presidency. Ripple taps BNY Mellon to expand RLUSD compliance The San Francisco-based digital payments firm known for serving institutional clients globally and its development of XRP, said the partnership will increase RLUSD’s transparency, compliance, and functionality. Emily Portney, BNY Mellon’s global head of asset servicing, described the collaboration as a natural evolution of the bank’s involvement in the crypto economy. “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,” Portney reckoned. “We are proud to be working closely with Ripple to continue propelling the future of the financial system.” BNY Mellon first dipped its toe into digital assets more seriously in 2021 when it launched its first crypto-focused unit. Since then, the institution has been involved in custodial services for Bitcoin and other digital tokens. Ripple itself is also pursuing ways to integrate crypto banking into the US financial system. On July 2, the firm filed an application with the US Office of the Comptroller of the Currency (OCC) for a national banking license. The move preceded a separate request for a Federal Reserve master account, which would allow Ripple to directly…
Filed under: News - @ July 9, 2025 1:22 pm