Ripple Taps BNY Mellon for RLUSD Reserves as Stablecoin Hits $500 Million Circulation

Ripple’s U.S. dollar-pegged stablecoin, RLUSD, has achieved a remarkable milestone by surpassing $500 million in circulating supply within just seven months of its launch. This is a key milestone for RLUSD.

Introduced in December 2024, RLUSD is minted on both the XRP Ledger and Ethereum blockchain, making it one of the top 20 largest dollar-backed stablecoins in the market. The stablecoin boasts a daily trading volume of approximately $55 million, according to Coinmarketcap data.

BNY Mellon Joins Ripple as Custodian for RLUSD Reserves

"Another key milestone for RLUSD in the books – partnering with institutions like BNY to custody reserves ensures that RLUSD has the gold standard in regulatory compliance, further cementing our position as the go-to stablecoin for global enterprises." Monica Long, President of Ripple, said.

Ripple has selected The Bank of New York Mellon (BNY Mellon) as the primary custodian for RLUSD reserves. BNY Mellon will safeguard RLUSD’s reserve assets, which include short-term U.S. Treasuries, money market funds, and cash. Additionally, Ripple will leverage BNY Mellon’s transaction banking services to enhance operational efficiency.

Jack McDonald, Ripple's Senior Vice President for Stablecoins, noted, “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”.

Emily Portney, Global Head of Asset Servicing at BNY Mellon, added, “We remain committed to providing secure, innovative, and streamlined solutions that empower financial ecosystems worldwide”.

RLUSD incorporates multiple safeguards, including 1:1 backing by high-quality liquid assets, strict reserve controls, asset segregation, third-party audits, and enforceable redemption rights.

Market Reaction: XRP Surges to a 48-Day High

Since Ripple announced its partnership with BNY Mellon, the XRP token has experienced a significant uptick in market activity and price. Over the past 24 hours, XRP’s trading volume soared by 80.59% to $5.4 billion, showcasing heightened investor interest. The token price rallied by 4.8%, climbing from $2.30 to $2.43.

This marks XRP’s highest price point since May 23, 2025, underscoring the market's positive response to Ripple’s strategic partnership.

Ripple’s Regulatory Ambitions and Future Plans

Ripple is actively working to deepen its integration into the U.S. financial system. The company has applied for a national banking license from the Office of the Comptroller of the Currency (OCC), which would allow it to directly hold customer deposits and issue RLUSD under the same regulations as federally supervised banks.

Additionally, Ripple has filed for a Federal Reserve master account, enabling it to directly custody RLUSD reserves with the central bank.

This regulatory push aligns with the broader stablecoin boom in the financial sector. RLUSD’s rapid growth, including a 30% market cap increase in the past month, highlights the demand for regulated and reliable digital assets.