Ripple announced on July 9, 2025, that global banking giant BNY Mellon will serve as the primary custodian for reserves backing its stablecoin, Ripple USD (RLUSD). This partnership aims to enhance trust in RLUSD—an enterprise-focused stablecoin issued under a rare New York Department of Financial Services (NYDFS) Trust Charter—by leveraging BNY Mellon's institutional credibility and $45 trillion in managed assets.
RLUSD, designed for cross-border payments, emphasizes compliance and utility with 1:1 USD backing via high-quality liquid assets, rigorous third-party audits, and redemption safeguards. Emily Portney, BNY Mellon's Global Head of Asset Servicing, stated: "We're proud to support the growth of digital assets," highlighting the collaboration as a bridge between traditional finance and crypto. Concurrently, RLUSD minting surged to 46 million tokens since early July, including 16 million minted within 24 hours, pushing its market cap to $501 million. This growth aligns with Ripple's U.S. national banking charter application, potentially expanding institutional adoption.