Ripple Announces Major Custody Move for RLUSD

Ripple has announced that the Bank of New York Mellon Corporation would be the primary custodian of Ripple USD (RLUSD) reserves.

According to a recent release, BNY will be the major reserve custodian of the RLUSD stablecoin. In addition, Ripple will use BNY’s transaction banking services to support its operations and continue to provide solutions to its clients.

Ripple and BNY are jointly committed to paving the way for institutional digital asset adoption, bridging the gap between traditional finance and cryptocurrency.

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RLUSD, one of the few global stablecoins issued under a New York Department of Financial Services (NYDFS) Trust Company Charter, launched in December 2024.

Unlike stablecoins designed primarily for retail consumers, RLUSD was created with enterprise utility in mind, specifically to improve the speed, cost and efficiency of cross-border payments.

46 million RLUSD minted since start of July: 16 million in just 24 hours

Since the beginning of the month, 46 million RLUSD have been minted, with 16 million minted in the last 24 hours alone, indicating a sharp acceleration in demand.

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According to the Ripple stablecoin tracker, a community X account that tracks the minting, redemption and transfer of RLUSD, 16,000,000 RLUSD were minted at RLUSD Treasury in the last 24 hours. On July 2 and 3, 14,000,000 RLUSD and 16,000,000 RLUSD were minted, respectively.

The increase in RLUSD minting activities indicates growing confidence in Ripple’s stablecoin, which has surpassed the $500 million mark. 

According to CoinMarketCap data, the Ripple USD market capitalization is now $501 million. The increased momentum coincides with Ripple’s application for a national banking charter in the United States, which might boost RLUSD’s utility within the larger financial ecosystem.