Ripple Strengthens RLUSD Stablecoin with Major Institutional Integration

By: Isha Das

Ripple has taken a significant leap forward in stabilizing its RLUSD stablecoin by appointing BNY Mellon as the official reserve custodian, a move that further solidifies its position in the financial ecosystem. This collaboration was announced on July 9, highlighting BNY Mellon's dedication to providing comprehensive digital asset infrastructure and robust transaction banking services in the US. Jack McDonald, Ripple’s Senior Vice President of Stablecoins, lauded BNY Mellon as a 'forward-thinking partner' that synergizes traditional finances with decentralized solutions.

The commitment from BNY Mellon is reinforced by statements from Emily Portney, the bank's Global Head of Asset Servicing. She expressed pride in supporting digital asset growth by offering a unique platform crafted to address the dynamic needs of financial institutions navigating the evolving digital assets ecosystem.

This partnership, which follows a deal with Switzerland-based AMINA Bank enabling RLUSD trading and custody in Europe, underscores Ripple's strategy to expand its enterprise-focused stablecoin in regulated environments, enhancing both accessibility and credibility. Following this momentum, the RLUSD circulating supply has surged past $501 million, distributed across the Ethereum network ($435 million) and the XRP Ledger ($65 million).

Moreover, Ripple's enterprise-grade RLUSD stablecoin has achieved a $500 million market capitalization within a year of its inception, partly attributed to its recent integration with Transak, a notable cryptocurrency payments platform. This integration allows Transak's vast network of 8.3 million users to purchase RLUSD using a variety of fiat currencies, drastically increasing the stablecoin's reach and utility. As crypto regulations continue to streamline and with institutional backing, RLUSD appears poised for long-term success in the digital asset landscape.