Bank of New York Mellon will serve as the primary custodian for the U.S. dollar reserves supporting Ripple’s stablecoin, RLUSD. The announcement was made by both companies on Wednesday.

BNY Mellon created a digital asset division in 2021. The unit was formed to provide services related to cryptocurrencies, including bitcoin. The bank has been expanding its role in digital finance in recent years.

Supporting Conversions and Reserve Management

As part of the agreement, BNY Mellon will manage the reserve assets backing RLUSD. This includes overseeing the movement of funds during stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term conversions. The arrangement is intended to strengthen Ripple’s regulatory positioning and support greater institutional interest in RLUSD.

BNY Mellon is the oldest bank in the United States. It primarily serves institutional and corporate clients.

XRP Breaks Resistance, Buyers Regain Control

Meanwhile, the XRPUSD H1 chart indicates a bullish trend. The price recently broke above a key resistance level at 2.35330. At the time of writing, the price has pulled back to this level, now acting as support, and formed a bullish inside bar followed by another bullish candle. This price action suggests intraday buyers may continue to push the price higher in the near term.

You may find it interesting at FinanceMagnates.com: Why XRP Price Is Going Up? Key Catalysts Behind the July 2025 Surge to 7-Week High.

🏦 Ripple partners with BNY Mellon to back its stablecoin 💵@Ripple has partnered with Wall Street giant BNY Mellon to custody the USD reserves backing its stablecoin $RLUSD.https://t.co/cWL8iJ6jjj

— Crypto economy (EN) (@CryptoEconomyEN) July 9, 2025

Growing Interest from Major Corporations

Ripple’s stablecoin move follows a broader trend. Several major companies are assessing the use of stablecoins in payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and digital transactions. Reports suggest that Amazon, Walmart, Apple, Uber, and Airbnb are exploring possible use cases or issuance strategies involving stablecoins.

Ripple Seeks Direct Federal Access

Ripple has also applied for a U.S. national bank charter and a Federal Reserve master account. If approved, the company would be able to hold reserves directly with the Federal Reserve and gain access to its payment infrastructure.