Ripple’s RLUSD Stablecoin Surpasses $500M Market Cap, Names BNY Mellon as Primary Custodian

By Marco Piccolo

eToro

Key highlights:

  • Ripple’s stablecoin RLUSD has crossed a $500 million market capitalization milestone.
  • The Bank of New York Mellon (BNY Mellon) has been selected as RLUSD’s primary custodian.
  • RLUSD aims to compete with leading enterprise stablecoins by targeting institutional use cases.

Ripple’s US dollar-backed stablecoin, RLUSD, has surpassed $500 million in market capitalization for the first time, marking a significant milestone since its launch less than seven months ago. The announcement coincided with Ripple’s decision to appoint the Bank of New York Mellon (BNY Mellon) as the primary custodian for the stablecoin’s reserves.

BNY Mellon brings operational edge and institutional credibility

BNY Mellon, the world’s largest custodian bank with $53.1 trillion in assets under custody and administration, will now safeguard RLUSD’s reserves. The bank offers a robust infrastructure for handling high-quality liquid assets like Treasury bills, and recently launched support for intraday transactions—key features that align with RLUSD’s enterprise-grade positioning.

Emily Portney, Global Head of Asset Servicing at BNY Mellon, said:

“As primary custodian, we are thrilled to support the growth and adoption of RLUSD by facilitating the seamless movement of reserve assets and cash to support conversions.” 

While Ripple already operates Standard Custody and Trust, a New York-regulated trust subsidiary capable of holding assets, the BNY partnership adds a layer of operational efficiency and institutional trust. It also positions RLUSD to better compete with other enterprise-focused stablecoins like Circle’s USDC, which similarly benefits from BNY Mellon’s custodial services.

Targeting institutional use and cross-border payments

Ripple has designed RLUSD with a strong focus on compliance, utility, and transparency, aiming to serve institutional users and improve cross-border payment systems. The stablecoin is issued under a New York Department of Financial Services (NYDFS) Trust Company Charter, offering regulatory clarity that appeals to enterprise clients. Jack McDonald, SVP of Stablecoins at Ripple, stated: 

“The selection of BNY underscores our commitment to delivering stablecoin solutions that meet the rigorous standards of global financial institutions.” 

Wider access through Transak integration

In parallel with the custodial announcement, Ripple also expanded RLUSD’s accessibility through integration with Transak, a major crypto payments platform.

Transak’s network of over 450 wallets, decentralized apps, and exchanges, which includes the likes of MetaMask, Trust Wallet, and Coinbase Wallet, now supports RLUSD. The platform’s global reach and support for multiple fiat payment methods further boost RLUSD’s usability for institutional and retail participants alike.

As Ripple continues to pursue a national bank charter and its Standard Trust arm seeks a Federal Reserve master account, RLUSD’s growing ecosystem signals the firm’s broader ambitions to bridge traditional finance with the digital asset world.

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Source:: Ripple's RLUSD Stablecoin Surpasses $500M Market Cap, Names BNY Mellon as Primary Custodian

Updated: July 9, 2025 at 5:16 pm
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