Altcoins News
By Julie Binoche
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Ripple has made a significant move in the digital asset space by partnering with global banking powerhouse BNY Mellon to custody its growing RLUSD stablecoin reserves.
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The partnership was confirmed on July 9, with Ripple officially stating that The Bank of New York Mellon Corporation will take over primary custody responsibilities for RLUSD,…
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“Ripple and BNY are jointly committed to paving the way for digital asset adoption at institutional scale,” the company said in a statement, highlighting the shared goal of…
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Ripple’s RLUSD has seen remarkable growth since its introduction in late 2024. According to CoinGecko, the stablecoin currently holds the 16th position among global stablecoins…
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Unlike Tether, which is popular among retail traders, Ripple has positioned RLUSD squarely for institutional clientele.
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Jack McDonald, Ripple’s Senior Vice President of Stablecoins, emphasized the importance of this alliance, calling it a move that fills a key gap in the stablecoin market.
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As the official custodian of RLUSD’s reserves, BNY Mellon will play a vital role in safeguarding assets and providing audit-ready financial oversight.
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Ripple’s momentum didn’t stop there. CEO Brad Garlinghouse also appeared before the U.S. Senate Banking Committee this week, urging lawmakers to pass clear and comprehensive…
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In an interview with CNBC following his Senate appearance, Garlinghouse tied the BNY Mellon deal to broader industry trends.
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XRP responded quickly to the news, rallying nearly 5% within 24 hours of the revealed. It is now trading at $2.
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Ripple’s ambition to blend regulatory compliance with crypto-native innovation appears to be paying off.
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As Ripple pushes further into institutional markets and works closely with regulators, the company is attempting to redefine what role blockchain can play in the global financial…
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