Ripple Mints Millions in RLUSD as BNY Mellon Partnership Fuels Institutional Crypto Push

dfmines Cryptocurrency News July 9, 2025 | 0

Key Takeaways:

Ripple selects BNY Mellon as the primary custodian for RLUSD stablecoin reserves.
Over 46 million RLUSD minted since early July, signaling rising demand for enterprise-grade stablecoins.
Ripple’s move aims to bridge traditional finance and crypto through regulatory trust and custodial clarity.

Ripple has taken a bold step in expanding its stablecoin strategy by naming BNY Mellon—one of the oldest and most respected banks in the world—as the primary custodian for RLUSD. As Ripple accelerates RLUSD minting and strengthens its regulatory infrastructure, this partnership could redefine how institutions approach digital asset custody.

BNY Mellon Joins Ripple to Anchor RLUSD Reserves

Ripple has officially selected BNY Mellon as the custodian of Ripple USD (RLUSD), its enterprise-focused stablecoin. This is a big step in the direction of incorporating institutional trust and infrastructure in the world of crypto.

Ripple’s stablecoin initiative will be well-served by BNY Mellon’s credible experience managing more than $45 trillion assets under custody. The bank will be responsible not only for the safekeeping of RLUSD’s dollar reserves, but also to provide core transaction banking services to underpin operational safety and compliance.

Ripple has framed this move as a “foundational step” toward scalable, compliant digital asset infrastructure. The decision reflects a growing demand for regulated and transparent stablecoins that can operate at enterprise scale.

“BNY brings custody expertise and a strong commitment to innovation,” said Jack McDonald, SVP of Stablecoins at Ripple. “This makes it the ideal partner for RLUSD.”

RLUSD Gains Traction Amid Accelerated Minting Activity

As of early July, Ripple has issued more than 46 million RLUSD, with 16 million created in a single 24-hour period. This issuance surge coincides with Ripple’s recent efforts to build deeper connections between the cryptonative realm and traditional finance.

As per on-chain data and community monitoring reports such as Ripple Stablecoin Tracker, RLUSD minting reached its high point on July 2 and 3, when over 14 million and 16 million tokens were minted, respectively. The quick succession indicates that more and more institutions are increasing their belief in LUSD’s utility and reserve support from RLUSD.

Notably, RLUSD’s total market capitalization has surpassed $500 million, according to CoinMarketCap. This places the token in a position to challenge legacy players like USDC and USDT—especially in sectors requiring compliance-first solutions.

A Rare Regulatory Status Among Stablecoins

One key differentiator for RLUSD is that it was issued under a New York Department of Financial Services (NYDFS) Trust Company Charter. This regulatory imprimatur puts it in the rarefied air of stablecoins with the ability to meet institutional risk oversight and operational safekeeping practices, as opposed to more consumer-focused use cases.

Compliance is also not just a checkbox — it’s a growth driver. Ripple is positioning RLUSD to:

Enhance cross-border payment efficiency
Meet rigorous auditing and reserve transparency standards
Offer clear redemption rights to institutional holders

With regulatory scrutiny around stablecoins heightening in the U.S., that NYDFS trust license value cannot be overstated. It’s what makes RLUSD different from the stablecoins created in the wild west without the legal protections or custodial support.

A Milestone for Bridging Legacy Finance and Blockchain

This partnership goes beyond custody. It shows some structural convergence of traditional financial institutions and native blockchain companies. For BNY Mellon, it’s part of a broader push into digital assets. For Ripple, it’s validation of its long-standing goal to professionalize and scale the crypto experience for banks, fintechs, and payment processors.

“As primary custodian, we’re proud to support RLUSD’s growth,” said Emily Portney, Global Head of Asset Servicing at BNY Mellon. “Our infrastructure is built for institutions transitioning into digital finance.”

In that spirit, BNY Mellon is expected to:

Facilitate reserve fund flows
Provide operational scalability
Enable full reconciliation and reporting features to satisfy institutional risk teams

This model aligns with Ripple’s ambition to turn RLUSD into a bridge between crypto and TradFi, making stablecoin adoption more seamless for banks and large corporates.

Global Expansion and Early Institutional Backing

Momentum for RLUSD is already beginning to go global. Switzerland’s AMINA Bank was recently onboarded as the first overseas financial institution to take custody and trading of RLUSD based on the transparency and regulatory design of the token.

Ripple also has pending for a national banking charter in the United States, a move which could further vaunt RLUSD’s stature by putting it under direct federal control, much like banks today.

At the same time, Dubai’s Virtual Assets Regulatory Authority (VARA) has reportedly given regulatory consent to RLUSD — hinting that the project could be well placed to expand into the MENA region, where demand for compliant stablecoin offerings is going through the roof.

This global alignment is part of a broader trend: regulated stablecoins are becoming critical financial infrastructure for the world.

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Ripple Mints Millions in RLUSD as BNY Mellon Partnership Fuels Institutional Crypto Push