XRP Boosted 4% By Ripple’s Stablecoin Partnership With BNY Mellon
Posted On July 9, 2025
Ripple (CRYPTO: XRP) has announced that the Bank of New York Mellon (NYSE:BKAG) will serve as the primary custodian for reserves backing its U.S. dollar-pegged stablecoin RLUSD.
This move marks a significant step toward boosting institutional trust in the stablecoin sector, as well as ensuring greater regulatory alignment for Ripple, which issued RLUSD in December 2024.
BNY Mellon, the oldest bank in the United States and a key service provider to institutional clients, will manage the underlying reserve assets and facilitate the liquidity processes behind RLUSD redemptions and conversions, CNBC reported on Wednesday.
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