Ripple Picks $43 Trillion Titan For Its Stablecoin Reserves | US Crypto News
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Grab a coffee and settle in to catch up on Ripple’s big move. This major crypto player is making headlines with a Wall Street alliance that could reshape the future of digital finance.
Crypto News of the Day: Ripple Picks Wall Street Giant to Safeguard RLUSD ReservesRipple has selected the Bank of New York Mellon Corporation (BNY Mellon) as the primary custodian for RLUSD reserves. The move is designed to scale enterprise-grade digital finance.
BNY, with over $43 trillion in assets under custody, will also provide Ripple with transaction banking services to support RLUSD’s operations.
Ripple has selected @BNYglobal as the primary reserves custodian for $RLUSD, an enterprise-grade stablecoin built for real-world utility, supported by one of the largest and most trusted financial services companies in the world. https://t.co/T2ZWkvb9cL
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While the news broke on July 9, the deal happened on July 1, reflecting Ripple’s ambition to bridge traditional finance (TradFi)and blockchain innovation.
RLUSD is Ripple’s dollar-backed stablecoin, which was approved in December. It is issued under the New York Department of Financial Services (NYDFS) Trust Charter, positioned as an institutional-grade asset built for utility, not speculation.
Ripple described the partnership as a “shared commitment to building the infrastructure for the future of finance.”
The collaboration comes as Ripple intensifies its regulatory footprint in the US, including its recent application for a national banking license overseen by the Office of the Comptroller of the Currency (OCC).
“BNY brings together demonstrable custody expertise and a strong commitment to financial innovation in this rapidly changing landscape. Their forward-thinking approach makes them the ideal partner for Ripple and RLUSD,” read an excerpt in the announcement, which cited Jack McDonald, Ripple’s SVP of Stablecoins.
RLUSD is backed 1:1 by high-quality liquid assets, including cash, equivalents, and US treasuries. In a recent US Crypto News publication, Bitcoin maxi Max Keiser highlighted the use of US treasuries among stablecoin issuers.
Meanwhile, RLUSD’s design features strict reserve management, independent audits, clear redemption rights, and full asset segregation, which meet the expectations of institutional users and regulators alike.
Besides BNY Melon, Swiss financial institution AMINA Bank also offers Ripple’s RLUSD custody and trading.
RLUSD is now available at AMINA Bank 