Ripple’s Big Leap: BNY Mellon Takes the RLUSD Reins 🤑

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Well, if you ever thought a blockchain payments firm like Ripple Labs could get any more respectable, think again! They’ve gone and tapped BNY Mellon, one of the oldest and most buttoned-up banks in the United States, to manage the reserves backing their shiny new stablecoin, RLUSD. 🎉

This move is expected to help Ripple meet regulatory standards and, more importantly, attract the kind of confidence from big companies and institutions that usually comes with a side of fine print and a lot of lawyers. 📜

BNY Mellon to Safeguard RLUSD Reserves

According to a CNBC report, BNY Mellon will now serve as the main custodian for Ripple’s RLUSD stablecoin. This means the bank will be responsible for maintaining the U.S. dollar reserves that support the value of RLUSD. It’s like putting your piggy bank in Fort Knox, but with a bit more paperwork. 🏦

With the update, Ripple stated that this partnership will enable it to adhere more closely to existing regulations. It also demonstrates that the company is committed to doing business with large financial institutions. Or, as they might say in the boardroom, “We’re not just a bunch of crypto cowboys anymore.” 🤠

With more companies and lawmakers showing interest in stablecoins, Ripple’s move comes at a time when the market is reopening. For example, the U.S. Federal Reserve Chair Jerome Powell backed stablecoin regulation. More importantly, U.S. President Donald Trump recently called for the swift passage of the GENIUS Stablecoin Act, following its approval in the Senate with a 68–30 vote. It’s like the Wild West, but with a lot more suits and ties. 🎼

Notably, BNY Mellon is recognized for its expertise in working with institutional clients and managing substantial amounts of money. Its digital asset arm started in 2021, but this deal with Ripple signals a deeper involvement in the stablecoin market. It’s like they’re saying, “If you can’t beat ’em, join ’em.” 🤝

Emily Portney, who leads BNY’s asset servicing unit, said the bank is ready to help Ripple with the smooth handling of cash and assets tied to RLUSD. It’s like having a personal butler for your digital assets. 🧑‍💼

Stablecoins like RLUSD are built to maintain a stable value, pegged to the US dollar. They enable fast, efficient money transfers on blockchain networks. Ripple launched RLUSD in December 2024 and is now expanding its reach. It’s like they’re saying, “We’re not just here to make a splash; we’re here to stay.” 🌊

Ripple Seeks Bigger Role for RLUSD in Payments and Banking

Beyond the BNY Mellon deal, Ripple has applied for a US banking License. The payments firm is seeking a national bank charter from the OCC and a Federal Reserve Master Account. It’s like they’re trying to get a seat at the grown-ups’ table. 🍽️

If approved, these steps would enable the company to hold reserves directly with the central bank and integrate into its payment systems. It’s like getting a backstage pass to the financial world’s biggest concert. 🎤

Ripple has been around for 13 years and primarily assists banks and financial institutions in sending money across borders. While its associated XRP token has made headlines in the past, Ripple is now promoting RLUSD as a stablecoin designed for serious business use. It’s like they’re saying, “We’re not just here to make a quick buck; we’re here to build something lasting.” 🏗️

Major companies like Amazon, Walmart, and Apple are reportedly exploring stablecoins. This trend, now referred to as “stablecoin summer,” has gained momentum as U.S. policies surrounding crypto begin to shift again. It’s like the crypto world is finally getting its day in the sun. ☀️

By teaming up with BNY Mellon, Ripple is demonstrating its commitment to making RLUSD appear secure, reliable, and ready for broader adoption. It’s like they’re saying, “Trust us, we’re professionals.” 🕵️‍♂️

Meanwhile, Ripple has increased the supply of its regulated stablecoin RLUSD, minting 16 million tokens with the asset now passed $500 million in market capitalization. It’s like they’re saying, “We’re just getting started.” 🚀

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2025-07-09 22:55