Anushka Basu
Wed, Jul 9, 2025, 9:58 AM 2 min read
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America's oldest bank will now custody Ripple's stablecoin originally appeared on TheStreet.
Ripple has selected Bank of New York Mellon as the primary custodian for the reserves supporting its U.S. dollar-pegged stablecoin, RLUSD.
Both companies announced on July 9 the ongoing integration of traditional finance with digital assets to bring regulatory compliance and institutional legitimacy to them.
BNY Mellon, the oldest bank in the country and the largest institutional service provider, will oversee custody of RLUSD's reserve assets and cash conversions,
As per CNBC, the alliance gives further impetus to what is being referred to as "stablecoin summer" as companies like Amazon, Walmart, Apple, and Uber are reportedly pursuing their own stablecoin projects with the assistance of the Trump administration's crypto-friendly involvement and legislative movement in Congress.
"BNY is committed to delivering differentiated, end-to-end solutions across the digital asset ecosystem," said Emily Portney, BNY Mellon's global head of asset servicing. "We are proud to support the growth of RLUSD and Ripple's vision for the future of finance."
Join the discussion with Scott Melker on Roundtable here.
Ripple, which was founded 13 years ago, has structured its business around its XRP token and global B2B payments network. The company launched RLUSD in December 2024 and has since applied for a national banking charter and a Federal Reserve master account to gain direct access to central bank infrastructure.
The partnership comes at a time when Wall Street institutions are increasingly involved in the stablecoin sector. BNY Mellon established its presence in crypto first in 2021, and now has defined custodianship of RLUSD as part of a wider commitment to digital assets.
On July 9, Brad Garlinghouse will also testify infront of the Senate Committee on Banking.
America's oldest bank will now custody Ripple's stablecoin first appeared on TheStreet on Jul 9, 2025
This story was originally reported by TheStreet on Jul 9, 2025, where it first appeared.
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