Ripple Appoints BNY Mellon as Custodian for RLUSD

Blockchain-based digital payment company Ripple has appointed The Bank of New York Mellon Corporation (BNY), a global financial services company, for the primary custody of its RLUSD stablecoin. 

According to an official announcement, BNY will serve as RLUSD’s primary reserve custodian, utilizing its advanced technological platform and digital asset infrastructure. Furthermore, the financial services company will deliver premier transaction banking services to support Ripple’s USD operations with seamless, integrated solutions. 

Commenting on the latest development, Emily Portney, Global Head of Asset Servicing at BNY, said: 

“As a leading financial platforms company, BNY is committed to delivering differentiated, end-to-end solutions, designed to meet the needs of institutions across the entire digital assets ecosystem.”

BNY Backs RLUSD’s Growth and Adoption 

The BNY executive revealed that the company will support the growth and adoption of RLUSD by ensuring smooth reserve asset and cash flows to facilitate conversions. 

“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,” Portney added. 

As such, Ripple and BNY aim to bridge the gap between the traditional finance and crypto ecosystems. The firms plan to pave the way for the adoption of digital assets at the institutional level.  

Ripple Strengthens Role in Digital Asset Infrastructure

According to the report, Ripple’s RLUSD functions as an enterprise-grade stablecoin optimized for high-compliance financial ecosystems. It is designed to support regulated financial institutions by adhering to strict operational and risk management protocols.   

Notably, the latest move builds on BNY’s proven track record of offering end-to-end services across stablecoin infrastructure. The announcement further noted that Ripple’s RLUSD is designed with a focus on regulatory compliance, utility, and transparency. 

Over the years, Ripple has emerged as a key player in digital asset infrastructure. It provides financial institutions with dependable, compliant technology designed to enhance efficiency and drive innovation within the global financial ecosystem. 

Ripple’s technology utilizes the XRP Ledger and its native token, XRP, specifically designed to support rapid, cost-efficient, and scalable transactions for both financial institutions and developers.

BNY, on the other hand, assists governments in securing financing for local initiatives and partners with more than 90% of the top 100 pension plans. The company helps to protect the retirement savings of millions, alongside a wide array of additional services. 

As of March 31, 2025, BNY reported $53.1 trillion in assets under custody (AUC) and $2 trillion in assets under management (AUM). This cements its role as a global financial custodian and investment manager.

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