Ripple Selects BNY Mellon as Custodian for Its RLUSD Stablecoin
2025-07-09 16:06:01
Main Idea
Ripple has selected BNY Mellon as the primary custodian for its RLUSD stablecoin, aiming to enhance compliance, efficiency, and enterprise readiness, with over $500 million RLUSD currently in circulation.
Key Points
1. Ripple chose BNY Mellon to custody reserves for its stablecoin RLUSD, which has over $500 million in circulation.
2. BNY Mellon's involvement provides top-tier safeguards, compliance, and efficiency for RLUSD.
3. RLUSD focuses on cross-border transfers, liquidity, and corporate utility, differentiating it from retail-focused stablecoins.
4. This partnership aligns with a broader trend of crypto firms like Circle seeking regulatory approvals and partnerships with traditional financial institutions.
5. Circle has applied for a trust charter and Federal Reserve access, managing over $62 billion in USDC reserves.
Description
It’s reported that over $500 million RLUSD is in circulation BNY brings top-tier safeguards, including holding both cash and Treasuries, managing incoming and outgoing transfers, and ensuring compliance and efficiency Ripple is also applying to the US Office of the Comptroller of the Currency (OCC) for a national trust bank charter Ripple selected Bank of New York Mellon (BNY) to serve as the primary custodian for reserves backing its stablecoin, Ripple USD (RLUSD). It’s reported that over $500 ...
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