BNY Mellon and Ripple’s RLUSD: A Match Made in Financial Heaven 🤑

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  • Ripple, in a whimsical twist, selects BNY Mellon to guard RLUSD reserves like a dragon hoarding treasure.
  • The BNY Mellon partnership sprinkles fairy dust on Ripple’s stablecoin, boosting its magical trust factor.
  • RLUSD aims to charm big banks and cross-border payments with its trusted backing, like a knight in shining armor.

Ripple has announced a rather delightful new step for its stablecoin, RLUSD. The company has chosen the Bank of New York Mellon, or BNY Mellon, to hold the cash and Treasury bills that back RLUSD. This means BNY Mellon will be the keeper of the treasure that makes RLUSD as reliable as a chocolate factory with an endless supply of chocolate. 🍫

BNY Mellon Partnership Boosts Trust in Ripple Stablecoin

First of all, RLUSD is a new stablecoin from Ripple, which has been floating around in the market for a mere seven months and already boasts over half a billion dollars in circulation. Stablecoins are like the magical coins in a video game, pegged to real money such as the U.S. dollar, helping individuals and companies transfer funds more quickly without the fear of price swings that could make a roller coaster look tame.

Ripple’s choice of BNY Mellon is like picking the most trusted wizard in the land to ensure RLUSD is secure and dependable. BNY Mellon, a bank so old it could tell you stories about the American Revolution, has a long history of handling the funds of large firms. This partnership will give RLUSD a solid banking partner and a boost of confidence among the big financial players, like giving a dragon a shiny new hoard to guard.

Ripple claims that RLUSD is not just another stablecoin for everyday spending, but a special coin designed for the grand institutions and businesses. It’s like a super-fast, cost-effective teleportation device for cross-border payments, which can take days and cost a fortune, making it a real pain for many companies. Ripple is determined to fix this with RLUSD, making it as smooth as a chocolate river flowing through a factory. 🍫

Jack McDonald, the Senior Vice President of Stablecoins at Ripple, explained why this move is crucial. According to him, RLUSD can carve out a niche in the market by focusing on banks and large corporations. He stated that BNY Mellon is a master in the art of securing digital assets, like a knight who knows how to protect the kingdom’s most valuable treasures.

BNY Mellon Backs RLUSD With Secure Cash, Treasury Reserves

BNY Mellon is equally thrilled to work with Ripple. Emily Portney, head of global asset servicing at BNY, said they are delighted to support the development of the digital assets sector. She explained that BNY Mellon is keen on offering secure and modern services to businesses interested in digital money, like a wizard eager to share the secrets of a new spell.

Besides keeping the reserves of RLUSD, BNY Mellon will also assist Ripple in its transaction banking services. This means BNY will help Ripple in transferring funds and making payments, like a magical assistant helping a wizard cast spells. The two companies hope to bridge the gap between traditional banking and new digital money by working together, like a bridge connecting two enchanted lands.

It’s important to note that RLUSD is backed by safe and high-quality assets, just like a treasure chest filled with gold and jewels. For every RLUSD in circulation, there is an equivalent amount in cash or U.S. Treasury bills, ensuring that people can be confident that RLUSD will hold its value, like a promise from a fairy godmother.

Ripple also has strict guidelines to keep these reserves isolated and safe, like a spell to protect a castle from invaders. RLUSD is one of the few stablecoins that have been accepted by the strict financial regulations of New York, meaning it’s subjected to strict safety and transparency requirements, like a dragon’s lair that’s been inspected by the kingdom’s best guards.

This giant leap is expected to bring the ease and security of digital payments to the business community around the globe, thanks to Ripple and BNY Mellon. Their collaboration is a shining example of how crypto and traditional finance can coexist, like a tale of two worlds coming together in harmony. Such a partnership might even persuade other large corporations to consider the use of stablecoins in the real world, like a story that inspires others to believe in magic. 🌟

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2025-07-10 00:26