Ripple just bagged a major ally in its mission to make RLUSD the go-to stablecoin for institutions—none other than Wall Street giant BNY Mellon. In a July 9 announcement, Ripple confirmed that BNY Mellon will act as the primary reserves custodian for RLUSD, a stablecoin tailored for enterprise-grade financial use cases.
This announcement comes as RLUSD hits a $500 million market cap—a clear signal that institutional interest is ramping up.
BNY Mellon, with more than $43 trillion in traditional assets under custody, brings heavyweight credibility and infrastructure to the table. The bank will also provide Ripple with access to its powerful transaction banking services to help streamline global payment operations.
Ripple’s SVP of Stablecoins, Jack McDonald, said RLUSD fills a critical void for institutions seeking a stable, transparent digital dollar alternative.
Adding a little intrigue to the mix: Sandie O’Connor, who sits on both Ripple’s and BNY Mellon’s boards, provides a direct governance connection between the two financial titans.
Ripple has been aggressively scaling RLUSD’s ecosystem. It recently partnered with Swiss crypto bank AMINA and OpenPayd to offer custody, trading, minting, and burning of RLUSD. The company has also applied for a national bank charter from the OCC—showing that Ripple’s ambitions aren’t stopping with just stablecoins.
After the BNY news, XRP saw a solid price jump, trading at $2.38—up nearly 4% in 24 hours.
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