Ripple Selects BNY to Custody Ripple USD Reserves
Demonstrates Shared Commitment to building Financial Infrastructure for the Future
(RLUSD) is a trusted, enterprise-grade stablecoin designed with regulatory compliance, utility, and transparency at its core. It is issued under a New York Department of Financial Services (NYDFS) Trust Company Charter. Unlike stablecoins geared primarily toward retail users, RLUSD has been purpose-built for enterprise utility, particularly in improving the speed, cost and efficiency of cross-border payments.
BNY will serve as the primary reserve custodian of RLUSD, leveraging its deep technology stack and expertise enabling the digital assets ecosystem. In addition, BNY will provide its leading transaction banking services to underpin RLUSD鈥檚 operations and deliver integrated solutions. This builds upon BNY鈥檚 proven track record of providing end-to-end services across stablecoin infrastructure and furthers BNY鈥檚 efforts for future interoperability between stablecoins and traditional assets.
鈥淩ipple 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,鈥� said Jack McDonald, SVP of Stablecoins at Ripple. 鈥淏NY 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 it the ideal partner for Ripple and RLUSD.鈥�
鈥淎s a leading financial platforms company, BNY is committed to delivering differentiated, end-to-end solutions, designed to meet the needs of institutions across the entire digital assets ecosystem,鈥� said Emily Portney, Global Head of Asset Servicing at BNY. 鈥淎s 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 and are proud to be working closely with Ripple to continue propelling the future of the financial system.鈥�
About Ripple
Ripple is the leading provider of digital asset infrastructure for financial institutions鈥攄elivering simple, compliant, reliable software that unlocks efficiencies, reduces friction, and enhances innovation in global finance. Ripple鈥檚 solutions leverage the XRP Ledger and its native digital asset, XRP, which was purpose-built to enable fast, low-cost, highly scalable transactions across developer and financial use cases. With a proven track record working with regulators and policymakers around the world, Ripple鈥檚 payments, custody and stablecoin solutions are pioneering the digital asset economy鈥攂uilding credibility and trust in enterprise blockchain. Together with customers, partners and the developer community, we are transforming the way the world tokenizes, stores, exchanges, and moves value.
About BNY
BNY is a global financial services company that helps make money work for the world 鈥� managing it, moving it and keeping it safe. For more than 240 years BNY has partnered alongside clients, putting its expertise and platforms to work to help them achieve their ambitions. Today BNY helps over
BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Headquartered in
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Megan Katz
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Source: Ripple
