Ripple has appointed the Bank of New York Mellon Corporation (BNY Mellon) as the custodian for reserves to its enterprise-grade stablecoin, the Ripple USD (RLUSD). As announced on July 9, this initiative is an indication of the firm’s desire to expand its regulated digital assets by collaborating with well-established financial institutions.
BNY Mellon, the oldest U.S. bank with more than $43 trillion in assets under custody, will also provide transaction banking services to support RLUSD’s operations. Hence, the partnership serves as a significant milestone for the RLUSD stablecoin which Ripple created specifically for institutional level cross-border payments.
Ripple’s Partners With BNY Melon for RLUSD Reserves Custody
Earlier today, Ripple announced the selection of BNY Mellon as its RLUSD stablecoin reserves custodian. However, the deal was initially sealed on July 1 and marks a crucial step for Ripple as it focuses on bridging the gap between blockchain innovation and traditional finance (TradFi).
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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— Ripple (@Ripple) July 9, 2025
Ripple has defined the partnership with BNY Mellon as a “shared commitment to building the Infrastructure for the Future of Finance.” Besides, the firm also highlighted that BNY demonstrates strong custody services knowledge and innovative spirit hence the right fit to provide custody services to RLUSD.
“BNY brings together demonstrable custody expertise and a strong commitment to financial innovation in this rapidly changing landscape, as well as a forward-thinking approach to digital asset infrastructure, making them the ideal partner for Ripple and RLUSD,” Jack McDonald, the SVP of Stablecoins at Ripple, remarked.
Ripple’s announcement of BNY as the primary custodian of the RLUSD reserves comes a day after the Falcon USD (USDF stablecoin) depegged stirring concerns around its reserves structure. For the case of RLUSD, high-quality assets like equivalents, cash, and U.S. Treasuries back the reserves in a 1:1 ratio.
RLUSD’s Supply Surges Past $500M
Demand for RLUSD has soared in recent weeks. Since the start of July, 46 million RLUSD tokens have been minted with 16 million minted over the past 24 hours alone. According to Ripple Stablecoin Tracker, the daily RLUSD minting activity surged on July 2 and 3, with 14 million and 16 million tokens issued, respectively. This indicates sky-rocketing interest and confidence in the asset.
Consequently, the market capitalization of RLUSD has surged above $500 million within just seven months since its launch. According to data on CoinMarketCap and CoinGecko, the stablecoin now ranks among the top 20 U.S dollar-pegged stablecoins. RLUSD’s trading volume currently sits at $42.4 million, recorded over the last 24 hours alone.
In June 2025, RLUSD also earned the title of the fastest-growing stablecoin as its circulating supply pumped by 47% within the month. Institutional demand for compliant and efficient cross-border payments tools like Ripple USD fueled most of this growth.
With Ripple USD growing immensely, Ripple‘s partnership with BNY Mellon adds strength to its strong foundation. The partnership could reinforce investor confidence across the stablecoin fighting for a position amongst top stablecoins like Tether’s USDT and Circle’s USDC.
Wow, $500 million! What’s driving this sudden surge in RLUSD? From my understanding, increased utility and integration into DeFi platforms often boost stablecoin adoption. I saw a similar trend with another stablecoin that was adopted recently, which made it very popular.
[…] Ripple’s stablecoin RLUSD is designed to enter the growing stablecoin sector. It will challenge top stablecoins such as USDC and USDT. Deaton clarified that XRP will not play a role in the issuance or backing of RLUSD. […]