- Ripple has partnered with BNY Mellon to serve as the primary custodian for Ripple USD (RLUSD), securing over half a billion dollars in assets.
- This move strengthens RLUSD’s enterprise focus by enhancing security and regulatory compliance through a trusted financial institution.
Ripple has partnered with BNY Mellon, a top global custodian managing $53.1 trillion in assets. This partnership will have BNY Mellon serve as the primary custodian for RLUSD, Ripple’s enterprise-focused stablecoin. BNY Mellon will safeguard over half a billion dollars backing RLUSD.
BNY Mellon to Secure Ripple USD Funds
With BNY Mellon’s custody services, Ripple’s aims to provide stronger security and faster transactions. These features are designed specifically for business clients. This partnership fills a key gap in the stablecoin market. According to Jack McDonald, Ripple’s Senior Vice President of Stablecoins, the move raises RLUSD’s standards to those of traditional financial institutions.
Building Trust Through Compliance
Emily Portney, BNY Mellon’s Global Head of Asset Servicing, said the bank is proud to support digital assets. Their platform is tailored to meet the needs of institutional clients. Meanwhile, Ripple CEO Brad Garlinghouse noted that this partnership strengthens trust in Ripple. He pointed out Ripple’s focus on compliance, backed by 60 global licenses.
Expanding RLUSD’s Reach
In addition, Swiss bank Amina recently became the first to offer custody and trading services for RLUSD. Furthermore, Ripple has applied for a national banking license from the U.S. Office of the Comptroller of the Currency (OCC). This move aims to bring RLUSD under federal oversight. It will also enhance security and credibility.
In summary, Ripple’s partnership with BNY Mellon bridges traditional finance and digital assets. By securing RLUSD with a trusted custodian and focusing on compliance, Ripple is making its stablecoin a safer, more reliable option for enterprises worldwide.
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