According to an announcement of July 9, Ripple has appointed BNY Mellon as the official reserve keeper for his entrepreneurial Stablecoin, Ripple USD (RLUSD).
According to a July 9 announcementBNY Mellon was selected on the basis of his extensive experience in digital assets infrastructure and his role as a trusted provider of transaction bank services in the US. The bank will now manage the Kas reserves of RLUSD and support the operational needs of Ripple through integrated banking solutions.
Jack McDonald, the senior vice-president of Stablecoins at Ripple, described RLUSD as tackling a considerable gap in financial resources for business quality. He praised the expertise and dedication of BNY Mellon to innovation and called the bank a ‘progressive partner’ who is able to bridge traditional and decentralized finances.
Emily Portney, the worldwide head of Asset Service at BNY, also repeated this sentiment, while he added:
“As a primary preservator for RLUSD, we are proud to support the growth of digital assets by offering a differentiated platform, designed to meet the developing needs of institutions in the ecosystem of the digital assets.”
This step follows the earlier partnership of Ripple with Amina Bank in Switzerland, which now offers custody and trading services for RLUSD in Europe. The Stablecoin brought this integration into a regulated banking environment and expanded its footprint at institutional and private customers.
RLUSD -offer exceeds $ 500 million
The cooperation with major financial institutions seems to feed the momentum of RLUSD.
Data of CryptoSlate Show that the circulating range of RLUSD has now exceeded $ 501 million less than a year after the launch.
About $ 435 million is currently on the Ethereum network, while $ 65 million is on Ripple’s XRP whides.

This growth shows the increasing relevance of the Stablecoin, especially in regulated environments. RLUSD is linked 1: 1 to the US dollar and supported by a separate reserve consisting of cash and kasequivalents.
The New York Department of Financial Services approved it in December 2024, while the Dubai Financial Services Authority made it before use this year.
In contrast to many stablecoins that were built for the use of the retail trade, RLUSD is designed for cross -border transactions at company level, which offer faster settlement, lower costs and improved efficiency.