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When Ripple launched RLUSD, its enterprise-focused stablecoin, the question was always going to be: who will handle custody? Turns out, Ripple went old-school for a very new-school problem. Instead of a crypto-native firm, it picked one of the oldest names in banking—BNY Mellon. That move speaks volumes about where crypto may be heading next.
Good to know
Ripple has teamed up with BNY Mellon, a financial institution with over $2 trillion in assets under management, to manage the custody of its stablecoin, RLUSD. The bank will not just hold the RLUSD tokens—it will also help Ripple with transaction banking.
BNY Mellon confirmed in a press statement that it will be the primary custodian of RLUSD. The bank also stated that this partnership will improve the link between traditional financial assets and stablecoins like RLUSD, which are pegged to the US dollar.
Jack McDonald, who heads Ripple’s stablecoin division, explained the reasoning behind the partnership:
“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. 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.”
Ripple CEO Brad Garlinghouse also gave his take in an interview with CNBC. He pointed out that BNY Mellon is not just a custodian—it is a trusted name that could open doors for broader adoption of crypto tools in traditional finance. Garlinghouse said:
“BNY Mellon has, for a very long time, been amongst the most trusted partners out there for as a custody bank. So we’re really pleased. We think it’s indicative of the shift of tide, where we’ve had headwinds for this industry are now becoming tailwinds. And I think we’re going to see a lot of growth.”
Ripple introduced RLUSD as a stablecoin built for businesses and institutions—not casual users. It focuses on regulatory compliance, reliability, and usability in large-scale financial systems. The move to bring in BNY Mellon suggests Ripple wants its coin to be taken seriously in the same way as other dollar-backed assets that traditional institutions already use.
BNY Mellon, founded in 1784, has been gradually moving into the digital asset space. Partnering with Ripple gives the bank another step into that world while offering Ripple the stability and credibility of a legacy institution.
As the crypto space keeps evolving, more players from the traditional world are entering the picture. With names like BNY Mellon on board, will others follow suit and help bridge the gap between old finance and new?