Ripple Partners With BNY to Serve as RLUSD Custodian
2025-07-10 10:36:05
Main Idea
Ripple has partnered with BNY Mellon to serve as the custodian for its stablecoin RLUSD, leveraging BNY's extensive asset custody services to enhance RLUSD's enterprise utility and compliance.
Key Points
1. BNY Mellon, overseeing $53.1 trillion in assets, will secure the funds backing Ripple USD (RLUSD).
2. Ripple aims to address a market gap by utilizing BNY's rigorous custody services for RLUSD.
3. Ripple CEO Brad Garlinghouse emphasized the partnership's focus on compliance, noting Ripple's 60 global licenses.
4. Amina Bank became the first bank to offer custody and trading services for RLUSD, alongside Ripple's banking license application with the OCC.
Description
Ripple has stated that this partnership with BNY aims to address a critical gap in the current enterprise-focused stablecoin market. This move allows Ripple to utilize BNY’s services to support its operations while positioning BNY as its primary custodian. Ripple USD Funds to Be Held Under BNY Custody Ripple, one of the largest companies in
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