Ripple Taps Banking Giant BNY Mellon To Secure Dollar Reserves For RLUSD As Market Cap Hits $500 Million
2025-07-09 16:23:14
Main Idea
Ripple has partnered with BNY Mellon to secure its stablecoin RLUSD, leveraging the bank's custody and transaction services, while RLUSD's market cap surpasses $500 million.
Key Points
1. Ripple appointed BNY Mellon, a major custody bank overseeing $53 trillion in assets, to safeguard RLUSD reserves and support its operations.
2. BNY Mellon will provide transaction banking services and aid liquidity management for RLUSD, which is collateralized by reserves.
3. RLUSD, issued under a NYDFS Trust Company Charter, is designed for enterprise utility and has reached a $500 million market cap.
4. RLUSD's market cap grew by $200 million (61%) since June, reflecting increasing adoption.
5. Ripple has applied for a national banking charter and a Federal Reserve master account to further integrate RLUSD into the financial system.
Description
Ripple has appointed the Bank of New York Mellon, one of the oldest and largest custody banks in the world, overseeing $53 trillion of assets, as the primary custodian of reserve assets backing its enterprise-focused stablecoin Ripple USD (RLUSD). Ripple-BNY Mellon Deal Ripple’s RLUSD has received a significant boost after the San Francisco-based company teamed up with 240-year-old bank, BNY Mellon. The deal aims to boost institutional digital asset adoption, bridging the gap between traditional...
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