NEW YORK—Bank of New York Mellon will serve as the primary custodian for Ripple’s U.S. dollar-pegged stablecoin reserves, the two companies announced.
The partnership is expected to strengthen Ripple’s regulatory compliance efforts and bolster institutional credibility for both the company and its RLUSD stablecoin. BNY Mellon—the country’s oldest bank—is a leading provider of custody services for institutional and corporate clients, CNBC noted.
The move reflects a broader trend of traditional institutions and major companies showing increased interest in stablecoins, as the Trump Administration rolls back Biden-era crypto restrictions and Congress advances stablecoin legislation. Amazon and Walmart are reportedly considering launching or using their own stablecoins, while other major players like Uber, Apple, and Airbnb are also said to be exploring the technology, CNBC said.
“BNY is committed to delivering differentiated, end-to-end solutions, designed to meet the needs of institutions across the entire digital assets ecosystem,” Emily Portney, global head of asset servicing at BNY, told CNBC. “As primary custodian, we are thrilled to support the growth and adoption of RLUSD by facilitating the seamless movement of reserve assets AND cash to support conversions and are proud to be working closely with Ripple to continue propelling the future of the financial system.”
In recent weeks, Ripple also applied for a U.S. national banking charter and a Federal Reserve master account, which would allow the company to hold reserves directly with the central bank and access its payment rails, CNBC added.