Demonstrates Shared Commitment to building the Infrastructure for the Future of Finance
July 9, 2025 – Today Ripple, the leading provider of digital asset infrastructure for financial institutions, announced it has selected The Bank of New York Mellon Corporation ("BNY") (NYSE: BK), a global financial services company, for the primary custody of Ripple USD (RLUSD) reserves. Ripple and BNY are jointly committed to paving the way for digital asset adoption at institutional scale, and together, are bridging the gap between traditional finance and crypto.
Ripple USD is a trusted, enterprise-grade stablecoin, built with regulatory compliance, utility, and transparency at its core. RLUSD is one of the few global stablecoins issued under a New York Department of Financial Services (NYDFS) Trust Company Charter. Unlike stablecoins geared primarily toward retail users, RLUSD has been purpose-built for enterprise utility, particularly in improving the speed, cost and efficiency of cross-border payments.
Leveraging its expertise enabling the digital assets ecosystem and proven track record in providing stablecoin infrastructure in the U.S., BNY will serve as the primary reserve custodian of RLUSD.In addition, Ripple will utilize BNY’s leading transaction banking services to underpin its operations and continue delivering seamless solutions for its customers.
“Ripple USD addresses a critical gap in the market as a stablecoin developed for enterprise-grade financial use cases, designed to meet the rigorous standards of leading financial institutions,” said Jack McDonald, SVP of Stablecoins at Ripple. “BNY brings together demonstrable custody expertise and a strong commitment to financial innovation in this rapidly changing landscape, as well as a forward-thinking approach to digital asset infrastructure, making them the ideal partner for Ripple and RLUSD.”
“As primary custodian for RLUSD, we’re proud to support the growth of digital assets by providing a differentiated platform, designed to meet the evolving needs of institutions in the digital assets ecosystem,” said Emily Portney, Global Head of Asset Servicing at BNY. “As a leading financial platforms company, we remain committed to providing secure, innovative and streamlined solutions that empower financial ecosystems worldwide, and we’re proud to work closely with Ripple as we propel the future of the financial system and digital asset adoption at institutional scale.”
With stringent safeguards including 1:1 USD backing by high-quality liquid assets, strict reserve management and asset segregation, third-party audits and clear redemption rights, RLUSD is designed to meet the highest expectations of institutional users and regulators.