BNY has been selected by Ripple as the primary custodian for Ripple USD (RLUSD).
Through this collaboration, both firms are reinforcing their commitment to advancing the adoption of digital assets at an institutional level.
“Ripple 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,” said Jack McDonald, SVP of stablecoins at Ripple.
“BNY combines proven custody expertise with a strong commitment to financial innovation in this rapidly evolving landscape, along with a forward-looking approach to digital asset infrastructure, making them the ideal partner for Ripple and RLUSD.”
BNY will act as the primary reserve custodian of RLUSD, drawing on its technological capabilities and expertise to support the digital assets ecosystem.
The bank will provide Ripple with transaction banking services to underpin RLUSD’s operations and solutions.
This move builds on BNY’s record of delivering end-to-end services that integrate stablecoin infrastructure with traditional systems, enhancing future interoperability with conventional assets.
“As primary custodian, we are delighted to support the growth and adoption of RLUSD by enabling the seamless movement of reserve assets and cash to support conversions. We are proud to be working closely with Ripple to help drive the future of the financial system,” said Emily Portney, Global Head of Asset Servicing at BNY.
“As 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.”
